ENCE to File for Bankruptcy After Revenue Fell 79% in Two Years

The Finnish esports organization ENCE has announced its decision to file for bankruptcy, concluding a 13-year operational history. This collapse follows a severe financial downturn, characterized by a 79% decline in revenue over a two-year period, falling from a peak of €6.31 million in 2023 to €1.32 million in 2025. The organization’s financial health deteriorated rapidly, shifting from an operating profit of €521,000 in 2023 to an operating loss of nearly €1 million by 2025.

The organization’s decline was driven by two primary factors: the loss of its competitive standing and structural changes within the professional Counter-Strike ecosystem. After selling its core roster in late 2023, the team struggled to maintain top-tier performance, resulting in significantly lower prize money and reduced sticker revenue. Simultaneously, the termination of the Louvre Agreement—a partnership model that previously guaranteed ENCE a permanent slot and revenue share in the ESL Pro League—removed a critical, stable income stream.

The financial data, sourced from public trade registers and industry reporting, highlights the vulnerability of mid-tier esports organizations that lack diversified revenue or deep-pocketed ownership. Despite attempts to restructure in early 2026, including a pivot to a domestic Finnish roster and a flatter corporate management structure, the organization could not overcome its mounting losses. This case serves as a notable example of the broader challenges facing professional gaming entities as they transition away from protected, partner-based league models toward more volatile, performance-dependent ecosystems.