Element Partners is acquiring Allied Esports Entertainment’s poker-related business and assets, including the World Poker Tour.
The transaction is expected to close in late January or early February for over $78 million.
The World Poker Tour merged with Allied at the start of 2019. WPT co-founder Lyle Berman’s Black Ridge Acquisition Corporation purchased the two companies in a $150 million deal.
Prior to this development, the World Poker Tour had one of its most successful years ever.
- ClubWPT, WPT’s online subscription platform, increased new registrations by 61% through the third quarter of 2020.
- Last year’s WPT Online Championship was the largest event in the tour’s 18-year history with 2,130 entries.
“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, and has made meaningful contributions for the company,” said Frank Ng, chief executive officer at Allied.
The WPT was founded in 2002 and has paid out more than $1 billion in prize money across its tours.
Along with the WPT sale, Allied’s board has agreed to “explore strategic options for the esports business, including a possible sale.” There are no current negotiations reported.