World Poker Tour Purchased By Gamynia LTD

Poker News - August 5th, 2009 - Written by Bruce

The World Poker Tour's parent company, WPT Enterprises Inc., has sold all of its assets to Gamynia Ltd. for just over $9.075 million. The World Poker Tour is coming off two straight profitable quarters which led to its sale. Gamynia Ltd. is expected to continue the operations of the WPT brand including the television library of past WPT events, the contuniation of the future WPT events, and continued sponsorship agreements. The new group is also planning on expanding further into the online poker arena. As part of the agreement the WPT Enterprises Inc. will receive a percentage of future revenues brought in by both the World Poker Tour and Professional Poker Tour brands. Even with the sale, the WPT is expected to continue its operations as normal.

Currently the popular WPT is filming its eighth season. It has become arguably the most popular poker show on television. Steve Lipscomb, the President and CEO of WPT Enterprises, said of the sale, "We believe this transaction will enable the World Poker Tour to realize its full potential across across both its existing business and lucrative online gaming market." Even after selling the WPT's rights, Lipscomb's WPTE group will keep it's cash, cash equivalents, and future revenues from the past few seasons of the WPT. The group has said it will use the cash to develop a non poker related business. Gamynia Ltd. has recently partnered with Hardway Investment Ltd to help continue to develop the WPT brand and to try to maximize future revenue operations.

As part of the sale of the WPT, Ganyia Ltd. has stated that it will "enter the online gaming market." Currently ClubWPT is the World Poker Tour's subscription based poker site online poker site. The site is open to players form the US and costs $19.95 per month. Members compete to win seats into future World Poker Tour events. For minimal entry fees players are given opportunities to win entry into the various $10,000 tournaments held throughout the year. How much further into the online poker world the WPT will go remains to be seen. The next WPT event to take place is the Legends of Poker Tournament which will be held at the Bicycle Casino's new event center on August 22nd. Even with the recent sale of the brand, the growing popularity of the WPT seems to be nowhere close to slowing down.

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