World Poker Tour Sold to Private Investment Group for $78.25M

The World Poker Tour (WPT) has been sold to Element Partners, LLC, a privately-held investment concern based in Pennsylvania. The deal, valued at $78.25 million, includes a $68.25 million upfront payment and up to $10 million derived from a 5% share of WPT-tourney entry fees on owned or licensed online platforms over the next three years. Andy Maunder is the Chief Financial Officer and Todd Peterson is the Chief Operating Officer of Element Partners, LLC.

The ongoing COVID-19 pandemic played a role in the sale of the WPT. Frank Ng, the CEO of Allied Esports Entertainment, stated that the WPT business has delivered substantial, impactful results, specifically through its online platforms and services. The sale continues the nomadic tale of the WPT’s 19-year existence, which saw the traveling poker tour go public soon after its explosion as a cable-GTV hit in the early 2000s.

The WPT was later acquired and then sold on to several entities, including PartyGaming (later bWinParty), Ourgame International Holdings Limited -- and then, following a crackdown by Chinese authorities against many things poker-related -- on to Black Ridge Acquisition Corp. That in turn led to a rebranding in 2019 of the parent entity as Allied Esports Entertainment, leading up to the latest transition.