The Esports Advocate
Esports business news: deals, legal, and governance.
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Sentinels Launch Equity Crowdfunding Campaign Through StartEngine
The Los Angeles-based esports organization Sentinels has initiated an equity crowdfunding campaign via the platform StartEngine.
- Esports organization Sentinels has launched an equity crowdfunding campaign on the StartEngine platform to sell approximately 4% of its company equity.
- The organization is currently valued at $30.9 million USD.
- Interested investors can reserve shares with a minimum buy-in of $300 USD.
Global Esports Partners With Intel India
Global Esports, an Indian esports organization, has entered into a 15-month partnership with Intel India.
- Indian esports organization Global Esports has signed a 15-month partnership agreement with Intel India.
- Intel India will provide its 13th Gen Intel Core processors to power the PCs used by Global Esports' staff and content teams.
- The partnership includes support for the Global Esports Valorant team, though Intel branding will not appear on player jerseys during the last chance qualifier.
ESL FACEIT Group, FIBA Reveal eFIBA Season 2
The ESL FACEIT Group and the International Basketball Federation (FIBA) have announced the launch of the second season of eFIBA, an international competitive gaming series centered on the NBA 2K24 title.
- ESL FACEIT Group and the International Basketball Federation (FIBA) will launch Season 2 of the eFIBA international NBA 2K24 competition on October 3, 2023.
- The tournament features a 5v5 format played on the ProAM game mode on PlayStation 5.
- More than 30 countries across four FIBA regions—Africa, Americas, Asia (including Oceania), and Europe—will participate in the competition.
Rooter Joins the Revenant Esports Invitational Showdown
The Indian gaming and esports streaming platform Rooter has entered into a strategic partnership with Revenant Esports to serve as the official broadcasting partner for the Revenant Esports Invitational Showdown.
- Indian gaming platform Rooter has partnered with Revenant Esports to serve as the official broadcasting partner for the Revenant Esports Invitational Showdown.
- The Revenant Esports Invitational Showdown is a Battlegrounds Mobile India (BGMI) tournament featuring 18 of India's top esports teams.
- The event takes place over three days from July 14–16, with 15 total matches scheduled.
Astralis Plans Meeting in August to Vote on Delisting From First North Growth Market Denmark
The Danish esports organization Astralis has scheduled an Extraordinary General Meeting for August 8, 2023, to conduct a shareholder vote regarding the delisting of its shares from the Nasdaq First North Growth Market Denmark.
- Astralis will hold an Extraordinary General Meeting on August 8, 2023, to vote on delisting the company from the Nasdaq First North Growth Market Denmark.
- The delisting proposal requires approval from two-thirds of the votes and capital present at the meeting to proceed.
- Key stakeholders, including the executive management team, the board of directors, and major shareholder Jakob Lund Kristensen, have committed to voting in favor of the delisting.
Denied: FTC Loses Bid for Preliminary Injunction Against Microsoft’s Acquisition of Activision Blizzard
A federal judge has denied the Federal Trade Commission’s request for a preliminary injunction to block Microsoft’s proposed $69 billion acquisition of Activision Blizzard.
- A federal judge denied the Federal Trade Commission’s request for a preliminary injunction to block Microsoft’s $69 billion acquisition of Activision Blizzard.
- The court ruled that the FTC failed to demonstrate that the merger would likely lead to a substantial lessening of competition, noting that evidence suggested the deal would increase consumer access to content.
- While the ruling removes a major U.S. legal barrier, Microsoft must still resolve regulatory concerns in the United Kingdom, Canada, New Zealand, and Australia.
FaZe Shareholders Approve Reverse Stock Split at Annual Meeting
At the 2023 Annual Meeting of Stockholders, FaZe Holdings Inc. shareholders officially approved a reverse stock split of the company’s common stock.
- FaZe Holdings Inc. shareholders have approved a reverse stock split at a ratio of either 1-for-20 or 1-for-30, with the specific implementation date to be determined.
- The reverse stock split is a strategic move to regain compliance with Nasdaq’s minimum bid price requirement of $1.00 per share, as the company's stock has consistently traded below this threshold since February 2023.
- FaZe faces a deadline of September 19, 2023, to meet the $1.00 minimum bid price for ten consecutive business days to avoid potential delisting from the Nasdaq Capital Market.
100 Thieves to Launch Bank Heist for Fortnite
The Los Angeles-based esports organization 100 Thieves expanded its digital footprint in July 2023 by launching a custom game mode titled Bank Heist within the Fortnite ecosystem.
- 100 Thieves is launching a new competitive game mode called 'Bank Heist' for Fortnite on July 11, 2023.
- The 'Bank Heist' mode was built using Epic Games’ Unreal Editor for Fortnite (UEFN) and features original art, environments, and themes developed in-house.
- The project was developed with direct input from 100 Thieves creators, including Matthew 'Nadeshot' Haag, Rachell 'Valkyrae' Hofstetter, and Jack 'CouRage' Dunlop.
TGS Esports and Rumble Gaming Announce Strategic Partnership
TGS Esports, a publicly traded Canadian marketing solutions company, has entered into a strategic partnership with Toronto-based media and esports firm Rumble Gaming.
- TGS Esports (TSVX: TGS) has entered into a strategic partnership with Toronto-based media company Rumble Gaming to expand their combined capabilities and service offerings.
- The partnership aims to leverage the respective strengths of both Canadian companies to provide immediate collaborative services to their clients and stakeholders.
- TGS Esports has officially terminated its previously announced non-binding term sheet to acquire Midnight Gaming Corporation, citing that the deal was not in the company's best interest.
Veloce Media Group Secures $50M Investment
London-based Veloce Media Group has secured a significant financial commitment of up to $50 million from GEM Digital Limited, a Bahamas-based digital asset management firm.
- London-based Veloce Media Group has secured an investment of up to $50 million from the Bahamas-based digital asset management firm GEM Digital Limited.
- The funding is structured as a token subscription agreement tied to VEXT, a blockchain utility and governance token launched by Veloce as part of its transition into Web3.
- Veloce Media Group intends to utilize the capital to acquire additional racing and gaming-related properties.
OCA Announces Esports as an Official Medal Sport of the Aichi/Nagoya Asian Games 2026
The Olympic Council of Asia has officially confirmed that esports will be included as a medal sport at the 20th Asian Games, scheduled to take place in Aichi and Nagoya, Japan, from September 19 to October 4, 2026.
- The Olympic Council of Asia (OCA) has officially designated esports as a medal sport for the 20th Asian Games in Aichi/Nagoya, Japan.
- The Aichi/Nagoya Asian Games are scheduled to take place from September 19 to October 4, 2026.
- Esports will be featured as one of 41 total sports disciplines, joining 32 sports recognized for the Paris 2024 Olympic Games.
Her Galaxy Thrives Despite Delayed Pay for Employees, Layoffs in June
Her Galaxy, the North American division of the Dubai-based esports company Galaxy Racer, has faced significant internal instability, including staff layoffs and persistent payroll delays.
- Galaxy Racer's North American division, Her Galaxy, is currently facing significant operational instability, including reports of five weeks of back pay owed to employees as of July 2023.
- In June 2023, Galaxy Racer conducted layoffs affecting five individuals in its North American division, citing a global corporate reorganization and performance-based restructuring.
- Despite the internal turmoil, Her Galaxy successfully executed an Apex Legends tournament in late June 2023 featuring over 60 participants.