World Poker Tour Finds New Owners

It was announced on Monday that the World Poker Tour has found a new owner in the form of Cypriat investment company Gamynia LTD. WPT Enterprises Inc put recent take-over rumours to bed with the announcement.

Gamynia LTD will be taking over the Professional Poker Tour alongside the World Poker Tour brand for the purchase price of $9.07 million. Television, distribution, sponsorship and licensing will all continue under the new ownership.

Gamynia intends to leverage those brands by entering the online gambling market and joining a partnership with Hardway Investments Ltd. Hardway are the owners of Euro Partners, an affiliate site for Playtech licensees.

Thomas J. Flahie, the interim CFO of WPT Enterprises, sai of the deal; “There’s not a whole lot of information because it’s a newly established, privately held investment group – very, very large – so I’m not sure if they plan on making any further comment. We don’t plan on putting much more information in the proxy than what’s already been disclosed”

WPTE’s share price nose-dived following the news yesterday. A drop of 27% in share price leaves WPTE hovering just above the Nasdaq’s $1 price minimum.

The company expects to complete the sale in the fourth quarter. Following the sale the WPTE CEO, Steve Lipscomb, who secured a 5 percent share of the gross proceeds of any sale of the business during 2009 will net a $450,000 pay day.