Fantasy Aces To No Longer Be Acquired By FantasyDraft
Update February 14, 2017 – FantasyDraft released the following statement on the RotoGrinders forum:
As members of the DFS community committed to doing things the right way, we feel that we need to do our part to protect the lifeblood of the industry, you the players. So, we have decided to get involved. Today we have entered into an agreement with the FantasyAces bankruptcy trustee to obtain player account and balance information in order to help reimbursing missing player funds.
Through this agreement, we have committed to reimburse Fantasy Aces players up to $1,000 cash to cover missing account balances, this makes 99.6% of the players whole. In addition, to help those with larger balances we are also going to offer the following:
Players with a Fantasy Aces cash account balance between $1,000 – $5,000: We will provide $1,000 Cash + Remaining balance in FantasyCash up to $4,000 ($5,000 total)
Players with a Fantasy Aces cash balance >$5,000: We will provide $1,000 Cash + $4,000 FantasyCash + a Pending Bonus for the remainder of your balance
Pending Bonus is earned at a rate of 4% for each $1 in entry fees paid in USD, and is paid as FantasyCash
Upon court approval, we will provide additional detail on how you can claim your funds on FantasyDraft.
I want to reiterate that FantasyDraft is committed to being a responsible citizen of the DFS community. That means we do things the right way, and your funds will ALWAYS be segregated and protected. We are licensed or registered in all states that have passed DFS regulation and are compliant in each. When we say that We Put Players First, we mean it.
CEO & Co-Founder
Update: February 1, 2017 – Fantasy Alarm broke this story first that Fantasy Aces has filed for Chapter 7 bankruptcy in Santa Ana, CA. The story includes the first 12 pages of the 90 page filing. It still remains to be seen what will happen to the outstanding user balances.
The Fantasy Aces website only shows the following: “An update coming shortly, please stand by.” Additionally, Fantasy Aces sent an email to members with the following statement: “The FantasyAces team truly regrets to announce that we are unable to sustain our site and business operations effective January 31st 2017, filing for protection under Chapter 7 bankruptcy law. After spending over a year attempting to secure long term capital, including recent negotiations with two notable companies which subsequently failed to close, we are left with an unresolvable financial burden and have spent every waking minute attempting to find a solution for our players most importantly. We have unfortunately exhausted every possible financial option with no success. We fought as hard as we could, in the end without a major infusion or acquisition we just were not able to make it. Our site is temporarily shuttered and all accounts are on hold during this time while we work with the bankruptcy court in finding the fastest possible solution for our players.”
Update: January 30, 2017 – FantasyDraft has just released the following statement on their Twitter page: “Unfortunately, because of issues identified during our due diligence, we are unable to purchase the assets of FantasyAces. We will continue to provide the best possible daily fantasy experience for our users, and are committed as always to putting our Players First.”
We’ll continue providing more details as they are available. The original story is below.
Daily Fantasy Sports operator Fantasy Aces has announced an agreement to be acquired by FantasyDraft.
Details remain limited at the moment, but all games were removed from the site as of January 25, 2017 and the following note has been posted on Fantasy Aces:
“Fantasy Aces is pleased to announce that we have come to an agreement to be acquired by FantasyDraft. We appreciate your patience as we work with the FantasyDraft team to ensure a smooth transition for our players. We expect the process to be completed within 3 to 5 business days, and will provide more detail as it becomes available. We’re excited about this opportunity, and think that you will be too. Please feel free to contact us with any questions.”
Meanwhile, FantasyDraft issued a statement on their website here saying they have acquired the player base and corresponding balances from Fantasy Aces. The statement also says the joint partnership will allow them to have “more resources to invest in the platform, allowing us to develop more features creating a better daily fantasy experience for everyone.”
For Fantasy Aces users who do not have an existing FantasyDraft Account, an account will be created on your behalf based on your Fantasy Aces account details. You will be given the same username if available, otherwise a closely matching username will be selected, which can later be changed. An email with instructions on how to login will be provided, and your balance will be transferred to your new FantasyDraft account. Member points will be converted to FantasyCash and available for immediate play (100 points = $3.20 FantasyCash). Finally, your deposit bonus will be transferred.
For Fantasy Aces users who have an existing FantasyDraft Account, your balance, member points, and deposit bonus will be transferred to your existing FantasyDraft account. If you have further questions, you can contact Fantasy Aces Support at email@example.com.
Shares of the company were recently placed under a trading halt per Yahoo Finance.
This article will be updated as more details emerge. In the meantime, discussions are occurring on our forums.