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Allied Esports sells World Poker Tour, explores options for esports business

Esports entertainment company Allied Esports has announced the sale of the World Poker Tour to investment group Element Partners.

The agreement sees Element purchase Allied Esports’ poker-related business and assets for a total of $78.25m (~£57.35m). In addition, the firm has also announced its intention to ‘explore strategic options’ for its esports business.

Under the terms of the acquisition, Element will pay $68.25m (£50,05m) upfront either in January or February. The remaining $10m will be received via a five percent guaranteed revenue share of WPT-branded tournament entry fees on Element’s gaming platforms.