New Online Gaming Site is Planned and WPT Brand Sells
15-10-2009
WPT Enterprises, Inc., the company that is behind World Poker Tour and Professional Poker Tour brands has announced a sale of a huge chunk of its assets to Gamynia Limited.The Sale
For the assets, Gamynia parted with over $9 million and the use of the WPT brand. The company is reportedly planning to make the most of the sale according to a news release by WPT. The new release stated that Gamynia had guarded the services of the leading industries of Hardway Investments Ltd, what an online gambling marketing company is, which sought to develop and exploit the WPT brands also with the aim of maximization of future revenues and opportunities.Of importance to the affiliate online gaming industry, it means that World Poker Tour brand in the future will become an online gambling website on its own. The plans are presumed to expand the brands presence around the Internet far greater than Club WPT, the current online gaming site.
Terms of the Sale
The terms of the sale have Gamynia owning most of WPT’s intellectual property and branding, which include the brand names, television library, tangible personal property and certain assumed trade names and contracts. Gamynia also assumed some liabilities that were involved with the brand, which included one of its 2 corporate leases.The news release clarified that WPT retained its cash and funds equivalents, certain investment and litigation assets, investments in put rights and securities of debt, future revenues from sponsorship of World Poker Tour Seasons 4, 5 and 6, as well as the Season 1 of PartyGaming Professional Poker Tournament, plus the license of the World Poker Tour Season Seven to PokerStars.
