Bwin.party offloads World Poker Tour to Ourgame
Bwin.party has completed the sale of its World Poker Tour (WPT) brand to Hong Kong-based social gaming firm Ourgame International for $35 million (€30.7 million).
Under the agreement, Ourgame will acquire the business from the online gaming operator on a debit-free/cash-free basis.
Bwin.party will continue to sponsor various WPT events and television shows in the US and Europe until December 31, 2016 next year, with the operator also retaining a right of first refusal over additional sponsorship opportunities that may become available until the end of next year.
Acquired by Bwin.party for $12.3 million in September 2009, the WPT last year reported total revenue of €10.4 million and a loss at the clean earnings before interest, tax, depreciation and amortisation level of €4.1 million.
Late last year, Ourgame acquired the rights to use the WPT logo and trademark on an exclusive basis in 14 countries across Asia.
Martin Weigold, chief financial officer of bwin.party, said: “Over the past six years we have built WPT into a global franchise, with tournaments and TV deals in many countries including Asia, where poker remains a popular and growing sport.
“However, consistent with our strategy of divesting our non-core assets, we believe that now is the right time to release that value for shareholders so that we can focus our efforts on our core real money gaming and technology business.”
Related article: World Poker Tour set for Asian expansion with Ourgame deal