The company will take over for the price of $9.07million, the professional poker tour and the world poker tour brand. Under the new ownership, television, distribution, sponsoring and licensing will continue.

Gamynia is hoping to leverage those brands by partnering with Hardway investments Ltd and entering the online gambling market. Hardway are already experienced in this area as they own Euro Partners, an affiliate site for Playtech licensees.

The interim CEO of WPT Enterprises, Thomas J. Flahie, said of the deal, “There’s not a whole lot of information because it’s a newly established, privately held investment group – very, very large – so I’m not sure if they plan on making any further comment. We don’t plan on putting much more information in the proxy than what’s already been disclosed”

However, WPTE’s share price dropped dramatically following the news. This leaves WPTE hovering slightly above the Nasdaq $1 Price minimum after seeing a drop of 27%.

The sale is expected to be completed during the fourth quarter. After the sale’s completion the WPTE CEO, Steve Lipscomb, who has a 5% share in the gross proceeds of any sale of the business will secure himself a $450,000 payout.