For the fourth time in 12 years, the World Poker Tour has new ownership. The WPT made the announcement on Tuesday that a private investment firm had purchased the company from Allied Esports Entertainment for more than $78 million.

The purchasing company, Element Partners, LLC, will pay Allied $68,250,000 upfront and then a guaranteed 5% of tournament entry fees on company-owned platforms to a maximum of $10 million. The deal, which includes only the WPT brand and associated assets, is expected to close later this month or early next.

“We think this deal will allow the World Poker Tour to do a number of things that it’s always wanted to do. Unfortunately, I’m being told that until the deal closes I can’t really say much about the transaction,” said Adam Pliska, WPT CEO. “What I can say, however, is that for myself and my management team, we’re still here and it’s business as usual and we look forward to this exciting and this next chapter of the World Poker Tour.”
https://www.pocketfives.com/articles...or-78m-633476/