World Poker Tour Enterprises has announced that Gamynia Limited wants to acquire all of the Company’s operating assets. Gamynia Limited is ready to pay the Company around 9 million dollars and a percentage of future revenues that Gamynia will win at the World Poker Tour.
Besides WPT, the other brand, Professional Poker Tour, is decided to continue all the operations as the Company’s television, sponsorship, distribution, and will enter finally in the online gaming market.
The Company wants to sell its television library with its property rights, brand and trade names. It will also retain its cash, investments in debt securities from the sponsorship of Seasons 4, 5 and 6 of the WPT and Season 1 of the Professional Poker Tour.
But the Company will retain the net cash proceeds from the sales while planning to use this cash for the development or acquirement of a non-poker related business.
The President and CEO of WPT Enterprises. Steve Lipscomb affirmed that they believe this transaction will enable the WPT to realize its full potential across both its existing businesses and the lucrative online gaming market. Gamynia and its partners possess highly complimentary resources which will help it invest in and effectively integrate with the WPT efficiently and profitably”.
