Allied Esports has officially announced the sale of the World Poker Tour to investment group Element Partner, which acquired poker-related business and assets for a total of $78.25 million, according to an official press release.
“Due to COVID-19’s impact on the company’s overall revenue generation and profitability timeline, we believe the forthcoming sale of the WPT business will garner significant capital and an avenue to determine new opportunities that will deliver accelerated returns for our stakeholders” Frank Ng, CEO of Allied Esports Entertainment said in the official statement.
“Despite the many challenges caused by the COVID-19 pandemic, the WPT business has delivered substantial, impactful results, specifically through its online platforms and services.
“Allied Esports, with its world-renowned HyperX Esports Arena Las Vegas and best-in-class production services, has generated market attention as the esports industry gained momentum during the pandemic.”
“I want to thank Frank Ng and the entire AESE management team for its support in allowing WPT to flourish during this period” Adam Pliska, the long-time CEO of the WPT added. “My management team and I are excited about this next chapter and the tremendous new opportunities for the WPT brand and business.”
Allied Esports, and the Company’s Board has agreed to explore strategic options for the esports business, including a possible sale, and has engaged Lake Street Capital Markets to assist with the process.
As of this writing, no potential or particular buyer has been identified and there are no initial or ongoing negotiations in respect of the sale of the esports business.
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