Element Partners takes over ownership of World Poker Tour

Element Partners takes over ownership of World Poker Tour

Allied Esports Entertainment has finally turned over the poker side of its enterprise, which includes the World Poker Tour brand, to its newest owner, Element Partners. 

Element Partners takes in World Poker Tour brand

The Deal: Allied Esports Entertainment issued a press release on Tuesday, confirming that Element Partners will now take over the ownership and management of its poker unit following a drawn-out acquisition process.

World Poker Tour’s new owner vested U.S gaming giant Bally’s Corporation in a multi-million back-and-forth bidding war. Finally, after a thorough review, the board decided to drop Bally’s proposal in favor of Element Partners since the former’s offer did not constitute a ‘Superior Proposal,’ as defined in the stock purchase agreement with Element.

In the end, Element Partners came through with the winning offer, with the purchase price of the transaction amounting to $105 million, including 100 percent of the outstanding capital stock of each of the legal entities that collectively operated or engaged in the company’s poker-related business and assets.

The company’s board of directors, comprising individuals who own stakes in the poker unit of Allied Esports, unanimously approved the sale at a special meeting of Allied Esports Entertainment’s stockholders on July 1, 2021.

Allied Esports will then focus all of its resources, including the cash derived from the sale of its poker unit, on the growth of its Esports business.

Quotes from the press release

Frank Ng, CEO of Allied Esports Entertainment, commented on the completion of the sale, which finally sees the transfer of ownership of its poker unit – including the prestigious WPT brand – to Adam Pliska and his group of investors at Element Partners.

“This is a momentous day for AESE and an opportunity to focus on growing the business in exciting and innovative ways. 

“Congratulations to Adam Pliska and his entire team at World Poker Tour as they too move into a new, successful chapter.”

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.