Esports entertainment company Allied Esports has announced the sale of the World Poker Tour to investment group Element Partners.
The agreement sees Element purchase Allied Esports’ poker-related business and assets for a total of $78.25m (~£57.35m). In addition, the firm has also announced its intention to ‘explore strategic options’ for its esports business.
Under the terms of the acquisition, Element will pay $68.25m (£50,05m) upfront either in January or February. The remaining $10m will be received via a five percent guaranteed revenue share of WPT-branded tournament entry fees on Element’s gaming platforms.