PartyGaming Buys World Poker Tour for $12.3m

PartyGaming Buys World Poker Tour for $12.3m

Tuesday, 25 August 2009

It was recently reported that WPT Enterprises had sold the World Poker Tour to Gamyina Ltd, a private investment group, for a little less than $10m. However, following PartyGaming’s $12.3m offer the sale was terminated.

PartyGaming have purchased the TV archives, intellectual property and branding rights but WPT retain cash and their sponsorship deal with PokerStars for the airing of Season Seven. PartyGaming also receive “an ongoing 5% participation in gaming and other revenues generated by the assets.”

“PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future,” stated Steve Lipscomb, WPT Enterprises' President and CEO. “The Board of Directors has determined that PartyGaming’s acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming.”

However, WPTE shareholders have become angered by the decision to retain cash proceeds from the sale to develop another non-poker business. The shareholders, by and large, disagree with the decision but the company’s major investors representing nearly 40% of the stock have already agreed.

Party Poker will no doubt soon hold qualifiers to future WPT events so sign up now.

Tags: Poker News, PartyGaming, Buys, World, Poker, Tour, for, $12.3m