PartyGaming Enters Bid For World Poker Tour

The World Poker Tour announced at the beginning of August that they would be selling their assets to Gamynia Limited for $9,075,000 plus 4% of future gaming revenues but have now decided to accept a more attractive offer from Peerless Media Ltd, a subsidiary of PartyGaming who own Party Poker.
The new offer of $12.3 million improves the previous bid by $3.2 million, while raising the future share of gaming revenue for WPTE to 5%. Steve Lipscomb, the CEO of WPTE said:
 “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.”
The acquisition of The World Poker Tour assets by PartyGaming follows a logical progression as it is the WPTE biggest customer and in the first half of 2009 provided 30% of the company’s revenue. If the deal goes through it will mark the companies first re-engagement in the US market since it withdrew in October 2006 following the US online gaming ban.
This April PartyGaming settled its differences with the US government for $105 million and Jim Ryan, CEO of PartyGaming said:”We are now well-placed to seize organic as well as strategic opportunities that previously were beyond our reach.”
Retracting the original agreement with Gamynia will mean incurring a $1 million penalty which is written into the new agreement with PartyGaming in the form of a cash advance. The latest offer “may be terminated by either Buyer or the Company if the Closing has not occurred by February 24, 2010,” and just as with Gamynia if WPTE accepts an alternative offer in the meantime they would again incur a $1 million termination fee.
Stockholders will now have to approve any new deal before it can be finalised and this is likely to take place towards the end of 2009.

Poker News
Eliot Hudon wins WPT World Championship
23 Dec 2022
Eliot Hudon has won the largest World Poker Tour event in series history after taking down the WPT World Championship Main Event. The WPT World Championship concluded at Wynn Las Vegas on Tuesday after a WPT record 2,960 players originally bought in for $10,400. That record-setting player pool led to a record-setting $29 million prize
Phil Ivey Becomes Virtue Poker Ambassador
14 Nov 2022
Poker legend Phil Ivey’s return to the mainstream poker world continues as he has been named the latest World Poker Tour Ambassador. Ivey has had success at WPT events in the past, getting his name etched on the Mike Sexton WPT Champions Cup by winning the 2008 WPT L.A. Poker Classic. Ivey has made it
World Poker Tour Sold To Chinese Company For $35 Million
20 Jan 2021
The World Poker Tour has been sold to Element Partners, LLC for a reported $78 million. Element Partners acquired the WPT from Allied Esports Entertainment in a deal that was officially announced on Tuesday. As part of the deal Element Partners will pay Allied Esports $68,250,000 upfront, and the remaining $10 million will be paid
World Poker Tour Sold To Chinese Company For $35 Million
17 Sep 2020
The 2020 World Poker Tour World Online Championship Main Event concluded earlier this week and Phillip Mighall was the last man standing. The $10,300 Main Event drew 1,011 entries and had a $10,110,000 prize pool, which topped the $10 million guarantee. The top 135 players finished in the money, with Mighall claiming the top prize