World Poker Tour Rights Could Be Sold
August 26, 2009
WPT Enterprises Inc., the parent company to the better known World Poker Tour are set to take negotiations regarding a sale of the companies assets.
The deal is been thrashed out with Peerless Media Ltd, a division within the better known PartyGaming plc company.
The deal will see PartyGaming PLC taking over the ownership of the World Poker Tour brand in a $12.3 million purchase but within the deal WPT Enterprises Inc. will still recieve 5 percent of the monitory figures that are achieved from trade names, branding, tangible personal property as well as intellectual property rights.
The deal comes as the World Poker Tour is set to have its first televised tournament placed onto air, featuring a tournament being held at Hollywood Casino Lawrenceburg, Ind.
The deal owill mean that the previous offer of $9.075 million from Gamynia Ltd. will be dwarfed and ruled out with PartyGaming PLC looking the likely company to take control of the brand.
Steve Lipscomb, President of WPT Enterprises issued a statement saying:
“The Board of Directors has determined that PartyGaming’s acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming.”
Both of the offers that have been tabled for the company offer nothing compared to the offer that was made by Doyle Brunson back in 2005, with the professional poker player offering $700 million to take control of the company and its assets.
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