Allied Esports Entertainment Announces Sale to Element Partners, LLC

Published on January 20th, 2021 1:48 pm EST

Earlier this week, Allied Esports Entertainment announced the sale of the World Poker Tour to Element Partners, LLC.

The total purchase price was $78.3 million.

Of that $78.3 million, $68.3 million is coming in upfront cash, while the remaining $10 million will be paid out via a revenue share earn-out over three years. The revenue share is fully guaranteed and will come from a 5% cut of "WPT-branded tournament entry fees on Element-owned or licensed gaming platforms".

The transaction is expected to close in either late January or early February.

The transaction will also include the ClubWPT online subscription business, which has performed very well over the past year, seeing its revenues grow by over 50%.

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This isn't the first time that the World Poker Tour has been sold.

In 2009, PartyGaming purchased the World Poker Tour for $12.3 million.

In June of 2015, Bwin.Party sold the World Poker Tour to Ourgame International Holdings for $35 million.

In December of 2018, Black Ridge Acquisition Corp. purchased the World Poker Tour from Ourgame International Holdings and renamed themselves Allied Esports Entertainment, Inc.

And who can forget Doyle Brunson's $700 million "bid" for the World Poker Tour nearly 15 years ago?

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Filed Under: Other Poker News