IPO Edge and the Palm Beach Hedge Fund Association will host a fireside chat with the CEO of Carbon Revolution on Tuesday, July 25 at 9 AM ET to discuss the company’s […]
Monday, July 5th, 2021 | Written by Renee
Element Partners LLC has now officially become the newest owner of the World Poker Tour (WPT). Allied Esports Entertainment, Inc, and Ourgame International Holdings, Ltd, approved the sale via two separate shareholder votes conducted a few days ago.
The $105 million acquisition deal should have been finalized several weeks earlier, but an internal dispute among Ourgame’s board members delayed the entire process. Allied Esports needed to wait for those issues to be resolved before it could conduct a vote on the sale, since 30 percent of the company is still owned by Ourgame.
WPT Sale Timeline and Challenges
Monday, June 28th, 2021 | Written by Renee
Element Partners, LLC is poised to become the new owner of the World Poker Tour (WPT), but internal conflicts within Ourgame International, which currently owns 30 percent of WPT’s parent firm Allied Esports, is delaying the entire acquisition process.
Element emerged victorious in a bidding war against Bally’s Corporation to acquire the WPT by upping the ante to $105 million back in March. But the private venture-capital firm will have to wait a little longer for the sale to get final approval, as Ourgame’s board of directors appear to be at odds with each other in terms of the manner by which proceeds of the sale would be distributed.