As expected, The Pirate Bay moved a step closer Thursday to being sold to a Swedish-based software concern that hopes to turn the world's notorious BitTorrent tracker into a legitimate, pay-to-play site.

Global Gaming Factory shareholders approved the $8.5 million transaction Thursday, four months after The Pirate Bay's four co-founders were found guilty of facilitating copyright infringement. Within weeks, the site is expected to become a subscription-based service, although no major content providers have agreed to license their wares.

The sale, which is expected to be largely funded via Hans Pandeya, Global Gaming's chief executive, is one of two major blows to the illicit file sharing scene. On Wednesday, Dutch-based Mininova, which many believed would become one of the main alternatives to a legitimate Pirate Bay, was ordered by a European court to remove all its copyrighted material or face millions in fines.

Still, concerns remain over Global Gaming's ability to remain solvent or perhaps even complete the deal. The AktieTorget, the Swedish-based exchange where the company is listed, is examining whether to delist the company amidallegations of insider trading ahead of the deal's initial announcement weeks ago.

Pandeya and other board members are the main shareholders, and Pandeya promised to sell some of his holdings to help shore up the deal.

The Pirate Bay, as of 9:30 a.m. PDT, appeared operational for file sharers to hijack movies, games, software and music for free – despite a court order demanding it be shuttered. The Pirate Bay's four co-founders each face a year in prison, but remain free pending appeal. The Pirate Bay's domain still remains under the control of Fredrik Neij, one of the 5-year-old site's founders.

See Also: