Chinese company Allied Esports Entertainment, Inc. and private equity firm Element Partners, LLC have announced a definitive agreement under which Element will acquire the poker-related business and assets, including the World Poker Tour companies. Under the terms of the agreement, Allied Esports Entertainment is selling the World Poker Tour for a total consideration of $78,250,000, consisting of an upfront payment of $68,250,000 and a fully guaranteed 5% revenue share of entry fees from WPT-branded tournaments on owned by Element or licensed gaming platforms, payable within three years of closing the deal. Recall that the first stage of WPT Russia starts in Sochi on February 19.
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