The World Poker Tour has been sold, the largest poker event in the world will change of owner once again. The WPT was first founded in 2002 and has since gone on to pay out more than $1 billion in prize money across its tours. The WPT was sold to PartyGaming in 2009 for $12.3 million. Two years later, PartyGaming merged with bwin to become bwin.Party Digital Entertainment. Ourgame International Holdings Ltd. bought the WPT in 2015 for $35 million.
The deal was, announced on last Tuesday, Jan. 19, will result in all of Allied Esports Entertainment’s poker-related business and assets being acquired by Element Partners, LLC by a total transaction of $78,250,000 dollars.
The privately held investment vehicle agreed to pay $68,250,000 up front, with the remaining $10 million payable over the following three years via a fully guaranteed five-percent share of entry fees from WPT-branded tournaments.
Allied Esports Entertainment’s Board of Directors approved the transaction, which will close in the following weeks as long as the shareholders of the company approve the transaction.
The business view of these two companies is that despite the many challenges caused by the COVID-19 pandemic, the WPT business has delivered substantial, impactful results, specifically through its online platforms and services.
This deal won’t have any impact on the slate of events that WPT is currently hosting across the live and online realms.
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