Last month, Global Gaming Factory announced plans to purchase The Pirate Bay and steer the online ship towards legal waters. To that end, Wayne Rosso, former CEO of Grokster, was hired to help relaunch the site and close deals with record labels, but Rosso has instead decided to walk away from the project.
"We decided that we're not going to risk our reputation further," Rosso told TorrentFreak.com. "The more time we spent with Mr. Pandeya, the less confident we were. I don't think there's going to be any money raised with GGF's current (lack of) plans."
Rosso claims that he and his partners never received the payments promised to them by Hans Pandeya, CEO of GGF. Rosso also claims Pandeya broke several other promises made to him, but did not elaborate on what they were.
Still, The Pirate Bay's legitimate future might not be completely dead in the water, but it's definitely sinking. According to TorrentFreak.com, a Pirate Bay insider indicated the site has given GGF a week to get insurance from investors before pulling the deal off the table.