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World Poker Tour Enterprise: Its assets sold
In spite of the announcements of two consecutive profits since the beginning of the year 2009, World Poker Tour Enterprises, parent company of the World Poker Tour (WPT) has just sold its assets to Gamynia Limited. The amount of the transaction is $9,075 millions. Steve Lipscomb President of the World Poker Tour Enterprise thinks that this transaction is going to allow World Poker Tour to realize completely its potential via its two existing companies and that Gamynia and its partners possess resources which will help to invest and to integrate with efficiency World Poker Tour activity. In 2008, the company had almost gone bankrupt and was excluded from NASDAQ because of the fall of its shares around $1 caused by the difficult transfer of its assets. Yields of the tournament broadcast in the United States were also in fall. During the second quarter, a very modest benefit of $375,000 had been recorded by the company.
After this agreement, it is the new buyer which will continue the WPTE activities including TV programs, the sponsoring and the attribution of operating licenses and will attack the market of online poker. The rights of broadcasting emissions were given up too as well as the mark World Poker Tour. In a close future, we can easily imagine after this repurchase that the WPT is going to compete with the EPT on its own lands. The intensification of the European part of World Poker Tour is also plausible. Let us remind that it is the EPT which holds now the title of the circuit most richly endowed in the world, a title which previously belonged to the WPT.
Source: Poker 777
Thursday, 06 August 2009
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