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## Element Partners Acquires World Poker Tour in a Game-Changing $78 Million Deal
The landscape of professional poker is undergoing a major shift as Element Partners, LLC takes ownership of the World Poker Tour (WPT) from Allied Esports Entertainment. This significant acquisition, valued at $78.3 million, positions Element at the helm of one of the most recognizable names in the poker realm.
The financial structure of the deal involves an initial payment of $68.3 million, with the remaining $10 million disbursed over the following three years. Furthermore, the agreement grants Allied Esports Entertainment a 5% share of entry fees generated by all future events bearing the WPT brand.
This strategic divestment aligns with Allied Esports Entertainment’s broader corporate vision. The company intends to reposition itself as a publicly traded entity with a concentrated focus on the rapidly expanding digital entertainment sector, particularly online gaming and other virtual leisure activities.
The World Poker Tour boasts a global presence, organizing tournaments across five continents and captivating over 150 million viewers annually through its broadcasts. Having awarded a remarkable $1 billion in prize money throughout its existence, the WPT has become synonymous with high-stakes poker. Although the COVID-19 pandemic necessitated a shift towards online platforms for much of the WPT’s activities in 2020, the brand has maintained its formidable standing.
Frank Ng, CEO of Allied Esports Entertainment, commended the WPT’s adaptability, remarking, “The World Poker Tour business has yielded substantial and favorable outcomes despite the obstacles presented by the COVID-19 pandemic.”
Adam Pliska, CEO of the World Poker Tour, conveyed his appreciation for Allied’s backing and shared his enthusiasm for the future, stating, “My leadership team and I are eager to embark on this new chapter and explore the opportunities it holds for the future of the World Poker Tour brand and its operations.”
