Partygaming and WPT Join – Renamed Ante4
Written by Renee K | Monday, November 16th, 2009
In a surprise twist to the ongoing saga relating to the sale of the World Poker Tour, it was decided this week that the final purchaser would be Party Gaming.
A deal between WPT Enterprises and Party Gaming was almost signed, when the Los Angeles based Mandalay Media came in through the back door and offered a sum that, on the surface, looked too good to resist.
Mandalay offered World Poker Tour a $36 million – a sum three times the $12.3 million offered by Party Gaming. However, this offer was rejected and the final stage of the deal between the Gibraltar based group and Party Gaming was signed this week.
In a statement released by Party Gaming, it was stated: “The board of directors of WPTE reviewed the Mandalay Proposal and concluded that it was not a Superior Proposal (as defined in the Agreement). On October 30, 2009, WPTE received a modified written offer from Mandalay Media (the ‘Modified Mandalay Proposal’). On October 31, 2009 the board of directors of WPTE reviewed the Modified Mandalay Proposal and concluded that it was not a Superior Proposal.”
According to the terms of the deal, Party Gaming becomes the new supplier of World Poker Tour tournaments in Europe and the United States, indicating clearly once and for all, Party Gaming’s intentions to enter the US market.
The company was forced to abandon this market with the introduction of the Unlawful Internet Gambling Enforcement Act in 2006.
Besides the $12.3 million paid by Party Gaming, the company will also pay WPT Enterprises at least $3 million revenue sharing over the next three years.
Party Gaming will acquire all WPT branding, as well as interests and intellectual property in WPT events. In addition, Party Gaming takes control of broadcasting rights and ownership of Club WPT.
As such, Party Gaming can promote the subscription based Club WPT, which has at present 16,000 members, to its own entire database of twelve million players.
After the repurchase, World Poker Tours announced that it would now be known under a new name, Ante4, according the Los Angeles Business Journal.
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· Written by Renee K · Filed Under Poker News · Comments Off
