Allied Esports Entertainment will sell poker related business and assets, including entities participating in the World Poker Tour, to Element Partners, LLC.
Under the agreement, Element will acquire WPT for $ 78.3 million: $ 68.3 million to be paid upfront and $ 10 million to be paid within three years after closure. The deal also includes a revenue share of 5% in entry fees to WPT-branded tournaments for Allied Esports.
Following the completion of the transaction, WPT Allied Esports plans to rebrand as a publicly traded holding company, focusing on "online entertainment including, but not limited to, real money gaming and other gaming sectors."
The WPT tournaments are held on five continents and are broadcast to 150 million people annually, with prizes of $ 1 billion. In 2020, due to the ongoing pandemic, WPT mainly operated as an online platform.
Allied Esports Entertainment CEO Frank Ng said: "Despite the many challenges of the COVID-19 pandemic, the WPT business has produced significant, meaningful results."
WPT President Adam Pliska expressed his appreciation for the support Allied Esports has provided to WPT, saying, "We and my management team are excited about this next chapter and the huge new opportunities for the WPT brand and business."