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Esports entertainment company Allied Esports is not the owner of World Poker Tour anymore, as it has sold it to investment group Element Partners. The investment group bought World Poker Tour from Allied Esports for a total of $78.25m (~£57.35m). Element Group will pay $68.25m (£50,05m) upfront, while the remaining $10m will be paid additionally via revenue shares. Allied Esports has enlisted Lake Street Capital Markets to assist with the transaction of assets.
Frank Ng, CEO of Allied Esports Entertainment, explained why his company sold World Poker Tour:
“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. 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.”
Allied Esports is currently exploring opportunities in online entertainment, looking to generate a new source of income.
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