I never thought it would come to this but the World Poker Tour is on the verge of a collapse if something doesn’t change fast. The poker show that put poker on the map is now in serious danger of becoming extinct. That would not bode well for poker at all. Is it a sign of the times? With all of the economic issues on Wall Street maybe it was just a matter of time before it finally hit the WPT.

What ever the case this is not good when pokers flagship show is taking on water so fast.

Looking back on the WPT we have to take a few things into consideration. First, they had a really difficult time keeping the show stable after Shauna Hiatt left. I know this didn’t necessarily affect their stock but it sure did make a huge difference in the production of the show. Every single replacement they put in had absolutely no knowledge of the game and had very poor interview skills as a result.

Second, the branding issue and the contract the players had to sign to play a WPT poker tournament. The WPT had complete control over the players images and prohibited logos causing a rift between the players and the WPT resulting in a very public law suite.

Third, you had the opening and closing of ClubWPT and WPTOnline poker rooms all within a few months of each other. Just about the time that the contractual issue was worked out and the law suite was settled their online venture fell through the floor as well.

Lastly, the WPT stock has dropped and they continue to lose millions of dollars each year. Revenues have dropped from $7.8 million last year to $5.1 in 2008. It doesn’t take a rocket scientist to figure out that the WPT is fighting for its financial life. Recently the WPT partnered with Full Tilt Poker. This partnership will give the WPT access to Full Tilts top Pro players like Gus Hansen, Phil Ivey, Howard Lederer and the like for advertising and promotion purposes.

All I can say is that Steve Lipscomb had better pull a rabbit out of his hat or the WPT won’t be around for much longer.