August 12 - A private investment group, Gamynia Limited has made the strategic decision of purchasing World Poker Tour Enterprises.
The President and Chief Executive Operator of WPT Enterprises, Steve Lipscomb, praised the deal and said that he hoped the $9.075 million deal would help WPT reach its full potential.
The group will receive a certain percentage of the revenues generated by the Professional Poker Tour and World Poker Tour brands in the future.
"We believe this transaction will enable the World Poker Tour to realize its full potential across both its existing businesses and the lucrative online gaming market," said Lipscomb.
"Gamynia and its partners possess highly complimentary resources which will help it invest in and effectively integrate with the World Poker Tour efficiently and profitably.
The online division of WPTE will be using the services of Hardway Investments - which boasts clients such as Titan Poker and Playtech - to provide direction, a fact that Lipscomb said capped the deal for many shareholders.
"Of particular importance for our partners ins the fact that Hardway Investments has an established track record of creating revenues and value in the online gaming marketplace," said Lipscomb. "We should benefit for many years from our participation in those revenues streams. After the transaction, WPTE will move forward under a new name and will employ our cash in a new venture by developing a new business or combining, through one or more strategic transaction, with companies that have significant unrealized value or growth potential."
