Allied Esports Entertainment Sells Poker Assets and Appoints New CEO

Allied Esports Entertainment, Inc., a global esports entertainment company, has announced the completion of the sale of the entities comprising the World Poker Tour®, to Element Partners, LLC. The transaction was approved at a special meeting of the Company’s stockholders on July 1, 2021.

As previously announced, the purchase price of the transaction totaled $105 million and included 100% of the outstanding capital stock of each of the legal entities that collectively operated or engaged in the Company’s poker-related business and assets.

“This is a momentous day for AESE and an opportunity to focus on growing the business in exciting and innovative ways,” said Frank Ng, CEO of Allied Esports Entertainment. “Congratulations to Adam Pliska and his entire team at World Poker Tour as they too move into a new, successful chapter.”

Following the completion of the WPT Business transaction, the Company is comprised of its esports business, Allied Esports, and cash resources from the sale.

Following the sale, the company today announced the resignation of CEO Frank Ng, effective July 13, 2021.

The Company’s Board of Directors also announced the immediate appointment of Libing (Claire) Wu, who will assume the roles of CEO, President and General Counsel of Allied Esports Entertainment, Inc. Ms. Wu was previously an Independent Director on the Company’s Board and is a highly respected New York attorney with over 15 years of experience focusing on corporate and securities laws. Ms. Wu has extensive legal and business experience in cross-border transactions, U.S. securities regulation, mergers and acquisitions, capital market transactions, as well as corporate strategic planning and structuring.

“Claire’s wide-ranging experience and impressive business acumen will be essential to a smooth transition period following the sale of World Poker Tour and for leading the company into a new phase focused on long-term success,” said Lyle Berman, Chairman of the Board of Directors, Allied Esports Entertainment. “On behalf of the Board, I’d like to thank Frank for his time and service to AESE and wish him the best moving forward.”

Prior to accepting the new position, Ms. Wu was the vice president and general counsel of Asia Pacific Capital, Inc., as well as senior counsel at the New York law firm Davidoff Hutcher & Citron LLP. Ms. Wu also served as a non-executive director of Ourgame.

Ms. Wu stated, “I’m honored to accept this position and look forward to working with the Board and management team to drive significant growth and results for our shareholders and partners alike.”

Ms. Wu is a graduate of New York University School of Law and China University of Political Science and Law, having earned a Master of Laws in Corporate Law at both institutions. Ms. Wu received a Bachelor of Science Degree in International Economics from Nankai University in Tianjin, China, and an Advanced Professional Certificate in Law and Business from New York University Leonard N. Stern School of Business.