The World Poker Tour has changed hands once again.
Element Partners LLC, a private investment company, has acquired the popular brand in a deal that could potentially be worth $78 million, the WPT announced via a Tuesday morning press release. Assuming shareholders approve the transaction, Element will pay $68,250,000 for the WPT, plus an additional 5% of "WPT-branded tournament entry fees on Element-owned or licensed gaming platforms, up to a maximum of $10 million, payable over three years after closing."
"We think this deal will allow the World Poker Tour to do a number of things thats it's always wanted to do," said CEO Adam Pliska in a short video released on Twitter.