Fri. Mar 29th, 2024
imagesource: New Indian Expressimagesource: New Indian Express

Allied Esports Entertainment has announced that it would be selling its poker-related business and assets to Element Partners LLC.

The entities to be sold by Allied Esports include the World Poker Tour, which would be acquired by Element for $78.3m. Out of $78.3m, $68.3m have to be paid upfront and $10m would be paid over three years after closing.

After completion of the WPT transaction, Allied Esports is looking to rebrand itself as a publicly traded holding company. It intends to focus on “online entertainment, including but not limited to, real money gaming and other gaming sectors.”

As per Gambling Insider, 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.”