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World Poker Tour Sold to Private Investors for $78 Million
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Allied Esports Entertainment announced the sale of its major poker brand, the World Poker Tour, to Element Partners, LLC, a move that seemingly came out of left field.
The World Poker Tour has a new owner. (Image: worldpokertour.com)
Element paid $78 million for the WPT to Allied Esports Entertainment, the esports company that owns the Luxor’s HyperX Esports Arena in Las Vegas. That arena plays host to the WPT’s televised final tables.
Element will pay $68,250,000 upfront. The remaining $10 million balance will be paid via WPT tournament entry fees, with 5% of each buy-in being shipped to Allied. The WPT parent is currently seeking to sell off its esports business as well, and will then rebrand under a new business name. The company will focus on online entertainment, including internet gambling.