Element Partners Acquires World Poker Tour for $78.3 Million
A partnership agreement has been reached between Allied Esports Entertainment and Element Partners, with the latter acquiring the World Poker Tour (WPT) for a sum of $78.3 million.
Element will make an initial payment of $68.3 million, followed by an additional $10 million over a three-year period post-closing. Allied Esports will also retain a 5% share of entry fees generated from WPT-branded competitions.
This divestiture will enable Allied Esports to reposition itself as a publicly traded holding entity with a focus on “digital entertainment, encompassing but not limited to real-money gaming and other gaming verticals.”
The WPT, a prominent entity in the poker realm, organizes tournaments spanning five continents. It commands a substantial viewership of 150 million annually through diverse broadcasting channels and boasts an aggregate prize pool of $1 billion. Although the global health crisis necessitated a shift to primarily online operations for the WPT in 2020, it has maintained its position as a formidable presence within the poker sphere.
Frank Ng, Chief Executive Officer of Allied Esports, recognized the WPT’s adaptability, stating, “The World Poker Tour enterprise has demonstrated its triumph in the face of pandemic-related obstacles.”
Adam Pliska, Chief Executive Officer of the WPT, conveyed appreciation for Allied Esports’ backing and expressed his optimism for the times ahead: “My leadership team and I eagerly anticipate the subsequent phase of expansion and its implications for the WPT brand and operations.”
