World Poker Tour Purchased for $78.25M
$68.25m will be paid upfront. The deal also includes a fully guaranteed 5% revenue share of WPT-branded tournament entry fees on Element-owned or licensed gaming platforms.
Investment vehicle, Element Partners, has arrived at an agreement with Allied ESports for the purchase of Allied’s poker-related businesses and assets. The deal will include the World Poker Tour (WPT) and is valued at $78.25M.
$68.25m will be paid upfront. The deal also includes a fully guaranteed 5% revenue share of WPT-branded tournament entry fees on Element-owned or licensed gaming platforms.
Frank Ng, Allied Esports Entertainment’s chief executive, said:
“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, and has made meaningful contributions for the Company.”
“In addition, Allied Esports, with its world-renowned HyperX Esports Arena Las Vegas and best-in-class production services, has generated market attention as the esports industry gained momentum during the pandemic.”
Frank Ng tells of how having access to this amount of capital will allow the WPT business to explore new opportunities and deliver enhanced returns to its board members.
WPT’s chief executive, Adam Pliska, said:
“I want to thank Frank Ng and the entire AESE management team for its support in allowing WPT to flourish during this period. My management team and I are excited about this next chapter and the tremendous new opportunities for the WPT brand and business.”
