1 free read left. Create a free account for unlimited reading + AI research.
Create free accountArticle
The Esports Advocate
1 free read left. Create a free account for unlimited reading + AI research.
Create free accountArticleThe Esports Advocate
Riot Games has approved the transfer of Astralis's League of Legends European Championship (LEC) slot to Karmine Corp.
Riot Games has officially approved the transfer of the League of Legends European Championship (LEC) slot from Astralis to Karmine Corp. This transition, which allows Karmine Corp to debut in the 2024 LEC Winter Split, marks a significant shift in the European competitive landscape. While Karmine Corp will join the premier league, the organization will maintain its presence in the LFL, utilizing that roster as an academy team to foster talent development.
The financial structure of the transaction is valued at approximately $27.4 million USD. The deal involves the creation of a new entity, AK-Game SAS, with Karmine Corp acquiring a 66.67% stake for roughly $18.22 million USD. The remaining 33.33% interest is retained by Astralis, with provisions in place to allow for the full transfer of shares to Karmine Corp by 2031. Payment for the slot is scheduled in tranches between 2023 and 2025.
Astralis estimates a pre-tax net gain of $21.6 million USD for 2023, with an anticipated aggregate cash flow effect of $15.81 million USD through 2025. Riot Games confirmed that it did not receive a portion of the proceeds from this sale, leaving the entirety of the financial gain to Astralis. This strategic move leverages Karmine Corp’s strong brand presence and local resonance in France to bolster the LEC’s competitive ecosystem.
The games and companies this document names on the inner ring, other documents about them on the outer one. Select a cover to see it up close and open it in a new tab; drag to move, pinch or Ctrl + scroll to zoom.
The Esports Advocate · 2026
PocketGamer.biz · 2026
