WPT Enterprises has just sold off most of their assets to Gamynia Limited for a little over 9 million dollars. On top of the initial investment, Gamynia will also turn over a percentage of revenues earned by the World Poker Tour and Professional Poker Tour. Gamynia is a privately owned investment group with a diversified list of assets. Gamynia will take over television shows, sponsorships, distribution, and internet gaming for the WPTE. The WPTE will retain ownership of some of its cash equivalents, investments, and foreign sponsorship from some of the more recent seasons. They will also honor all of their employee obligations.
“We believe this transaction will enable the World Poker Tour to realize its full potential across both its existing businesses and the lucrative online gaming market. Gamynia and its partners possess highly complimentary resources which will help it invest in and effectively integrate with the World Poker Tour efficiently and profitably,” said Steve Lipscomb, President and CEO of WPT Enterprises.
The deal hasn’t been confirmed yet, as it is all contingent on stockholder approval. However, 39% of the stockholders have already voted in favor of the transition. Even if stockholders are able to sell of the business, they will not be distributing the money. Instead they plan on reinvesting the money to acquire a non-poker business.
