Allied Esports Entertainment will be selling poker-related business and assets, including the entities comprising the World Poker Tour, to Element Partners, LLC.

According to the agreement, Element will acquire WPT for $78.3m: $68.3m to be paid upfront and $10m to be paid over three years after closing. The deal also includes a revenue share of 5% of WPT-branded tournament entry fees for Allied Esports.

Upon completion of the WPT transaction, Allied Esports is planning to rebrand as a publicly traded holding company, focusing on “online entertainment, including but not limited to, real money gaming and other gaming sectors.”

WPT tournaments are held in five continents and broadcasted to 150 million people annually, awarding $1bn in prizes. In 2020, due to the ongoing pandemic, WPT was mostly active as an online platform.

CEO of Allied Esports Entertainment Frank Ng said: “Despite the many challenges caused by the COVID-19 pandemic, the WPT business has delivered substantial, impactful results.”

CEO of the WPT Adam Pliska expressed his gratitude for the support Allied Esports provided for WPT, saying: “My management team and I are excited about this next chapter and the tremendous new opportunities for the WPT brand and business.”