WPT Enterprises announced that Party Gaming is the new owner of the trademark for $ 12.3 million. Will instead be paid to Gamynia Limited $ 1 Million damages for canceling the old contract.
After lengthy negotiations which concluded recently with the Gamynia Limited, World Poker Tour Enterprises announced that the brand will be purchased by Peerless Media Limited, a subsidiary of Party Gaming. This new treaty provides that the mark has acquired a value of $ 12.3 million plus a 5% dividend from the revenues generated by gaming.
Part of this large sum, about $ 1 million will be paid to Gamynia Limited following the termination of the contract. The contract will cover the WPTE’s television rights, intellectual property and ownership of the WPT brand, Professional Poker Tour (PPT) and other minor brands.
In a press release the founder CEO and President of WPT, Steve Lipscombm, commented: “The Board of PartyGaming has called the offer financially superior proposal and therefore very interesting because one of the pioneer online gaming market. This experience will allow the WPT brand to have the necessary expansion of vision. “
The sale still awaiting the go ahead by shareholders of WPTE. Some advances suggest that 39% of shareholders already expressed an investor approval for sale.
