World Poker Tour Sells Most of Its Assets in Order to Expand Brand to Online Gaming Sites, More
August 3, 2009 (PAP Newswire) — The company behind the World Poker Tour and the Professional Poker Tour brands, WPT Enterprises, Inc., has announced it has sold off most of its assets to Gamynia Limited.
Gamynia paid over nine million dollars for the assets and use of the WPT brand, and reportedly plans to make the most of it: According to a news release issued by WPT today, “Gamynia has secured the services of an industry leading online gaming marketing company Hardway Investments Ltd. which will seek to exploit and develop the WPT brands with the goal of maximizing future revenue opportunities.”
Of most interest to the online gaming affiliate industry, that means that the World Poker Tour brand will soon become its own online gambling website. (Presumably, the plans are to expand the brand’s online presence far beyond its current online gaming site, Club WPT.)
Under the terms of the sale, Gamynia now owns most of the WPT’s branding and intellectual property: that includes its television library, brand names, trade names, “certain assumed contracts and tangible personal property”. Gamynia also assumes some liabilities involved with the brand, including one of its two corporate leases.
“The Company [WPT] will retain its cash and cash equivalents, investments in debt securities and put rights, certain other investment and litigation assets, and future foreign sponsorship revenues from the sponsorship of Seasons Four, Five and Six of the World Poker Tour and Season One of the Professional Poker Tour by PartyGaming and the license of Season Seven of the World Poker Tour to PokerStars,” the news release added.
The transaction is still subject to specified closing conditions. For more details, please read the original news release here.