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WPT Finds Another Buyer
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August 27 - The World Poker Tour announced this week that it is backing out of its original deal with Gamynia - signed only a few weeks ago - and is now selling its brand name to a Party Gaming subsidiary group.
The deal with Gamynia was terminated after Party Gaming made a counter offer worth considerably more, including the payment of $1 million termination fee that WPT needed to pay Gamynia.
Party Gaming agreed to pay WPT $12.3 million for brand ownership, current contracts and its programming archive.
The deal also ensures that WPT receives at least 5% per year of income generated by the WPT brand name after the sale.
"Party Gaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future," said the Chief Executive Officer for World Poker Tour Enterprises, Steve Lipscomb. "The Board of Directors has determined that Party Gaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gambling."
The WPT acquisition has been seen as a major step for Party Gaming which is slowly working itself back into the US market with the Party Poker brand after finally signing a settlement deal with with the US Department of Justice.
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