Creating an event template from existing one does not work

Overview

When trying to create an event template from an existing one, it end up creating a new event rather than a new event template.

Steps to recreate

1) Go to new event template form at civicrm/admin/eventTemplate?reset=1
2) Click on 'add event template'
3) Choose any existing template from the 'from template' select box.
4) when you continue and save any information you have edited here, Civi creates a new event using those details rather than a new event template.

The expected behavior is that you can create a new event template based on an existing event template.