High stakes over World Poker Tour's future

High stakes over World Poker Tour's future


Irvine-based Allied Esports Entertainment said today it had completed the $105 million sale of the World Poker Tour to  Element Partners, LLC.

Allied Chief Executive Frank Ng in a statement today called the completion an opportunity to focus on growing his company’s business “in exciting and innovative ways.”

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Ng also congratulated WPT President and Chief Executive Adam Pliska and his team “as they too move into a new, successful chapter.”

SEC filings detailing the transaction note that the buyer Element Partners “is owned by an investment fund.”

Business Journal research, based on a reading of legal documents pertaining to the sale, indicates the buyers count ties to several professional poker players, as well as a Foster City-based tech firm, Variant Labs.