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.”

Get the latest OC business and Coronavirus updates

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.