British poker ace, Jake Cody, and three dimensional online poker site PKR have announced that just a year after Cody signed a sponsorship deal with the site to represent them at live tournaments around the world, they will be parting ways.
Cody was the youngest player ever to don poker’s Triple Crown after the 2011 World Series of Poker $25k NLHE heads-up bracelet, the European Poker Tour Deauville and the World Poker Tour London titles.
Dan Grant, PKR Media Manager revealed that 24 year old Cody was PKR’S highest profile pro and that his huge talent and high class act made it a pleasure to deal with him. Grant wished Cody the best of luck for his future, both at and away from the felt.
Only four names remain on PKR’s pro roster since Cody’s departure, namely Scott Shelly, Sofia Lovgren, Vladimir Geshkenbein and Marc Barriler.
The past few years have not been easy for European online poker companies and it is thought that Cody’s departure could be a cost-cutting measure for PKR. PKR has been searching for outside investment and have been distributing formal prospectus to potential investors. The company is hoping to bag a seven figure amount or sell the company outright.
The downturn in online poker’s fortunes has resulted in PKR’s revenues being cut by almost 25% over the past few years. A couple of observers have put the sale value of PKR at GBP 50 million which is approximately half of what it was valued at just two years ago. Prospective US partners and tribal casinos in California have met with PKR but so far no contracts have resulted from this.