World Poker Tour Finds New Owners

The Cypriat investment company, Gamynia Ltd. has purchased the rights to the World Poker Tour. Gamynia Ltd. will be taking over the Professional Poker Tour along side of the World Poker Tour brand for the purchase price of $9.07 million. The television, distribution, sponsorship, and licensing will all contine under the new ownership.

Gamynia plans to enter the online gambling market by forging a partnership with Hardway Investments, the owners of Euro Partners, a group of Playtech branded online casinos. The new owners haven’t released any additional information about the World Poker Tour or what changes, if any, are going to be made.

The WPTE’s share price nose-dived following the news. A drop in roughly 27% of the share price that left it hovering just over the Nasdaq’s $1 minimum. The company expects to complete the sale of the World Poker Tour by the end of this year.