World Poker Tour (WPT) Sold
Gamynia Limited is now the proud owner of the World Poker Tour after securing a deal worth $9.075 million with WPT Enterprises. News comes after the WPT records 2 straight months of profits. The sale is due to be completed in the fourth quarter of 2009 and first needs to be approved by the majority of shareholders.
Steve Lipscomb, WPT founder, president and CEO, stated in a market update yesterday,
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. 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.
Gamynia seek to work with Hardway Investments according to the same press release. Hardway bring a significant amount of online gaming experience, as other clients include Playtech.
An agreement has been struck that the current owners of the WPT will still get royalties from season 1-7 along with other investments totaling $23 mill. Season eight is in progress at the moment, and the first event of the season was the Bellagio Cup and had a 40% downswing on attendance from the previous year. The next event will be the $10,000 buy-in at the Bicycle Casino.
The intellectual property and the complete WPT library will be included in the sale. WPT Enterprises will retain its cash on-hand, debt investments, office leases, and “employee obligations.” No proceeds from the sales will be distributed to WPT Enterprises’ stockholders. Its stock is traded on the NASDAQ under the symbol “WPTE” and was down $0.41 at the time of writing on Tuesday, or 27%, to $1.08. WPTE closed trading on Monday at a price of $1.49, but the release made to Business Wire was not published until after the NASDAQ had ceased trading for the day. After the sale is completed, WPT Enterprises will continue operations under a new name. The company plans to use its cash leftover from the poker business to enter into a joint venture or other business relationship with a new company.
2+2 ‘ers are implying there is something funky going on, and to be fair, they are usually right when it comes to scandals and the like 
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[...] we announced that the WPT had been sold to Gamynia Limited, and at the end of the article we said there may be something funky going on. Well….something funky has happened. Gamynia have been gazumped by a subsidiary of [...]