The main shareholder in World Poker Tour, US-based Lakes Entertainment, has issued an intriguing “forward looking statement” that suggests it may be considering the sale of its two thirds interest in order to raise capital.
Lakes Entertainment recently settled a clash with the Securities and Exchange Commission over late financial reportage, and in earlier statements the group indicated that it was seeking substantial capital – $10 million by the end of 2005 and an additional $10 million by March 1st, 2006. One of the options to achieve this was a sell off of all or at least part of their controlling interest in WPT.
WPT has established both a highly successful business and a solid reputation in the world of poker, and this enhances its value as an attractive buy and as a valuable asset for Lakes, so the decision will not be made lightly.