The Esports Advocate
Esports business news: deals, legal, and governance.
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Chicago Not So Bullish on Esports Projects in 2023
The landscape for large-scale esports infrastructure in Chicago faced significant setbacks in early 2023, as multiple high-profile development projects were either rejected or abandoned.
- Chicago officials rejected a $104 million proposal to convert the former Chicago Board Options Exchange building into a mixed-use facility featuring an esports arena, citing the project's ineligibility for city tax increment financing subsidies.
- Developer Scott Greenberg has officially abandoned plans for a $30 million virtual reality esports arena at 2500-48 S. Wabash Avenue, citing a lack of market appetite and shifting conditions in the gaming industry.
- The rejected $104 million Chicago Board Options Exchange project, supported by LeagueSpot and Phoenix Sports Partners, aimed to transform the building's trading floor into an esports competition space alongside student housing and wellness facilities.
Alpine Esports Reveals New Partners, Drivers, and Ambassadors for 2023
Alpine Esports, the Renault-backed sim racing organization, announced a series of strategic partnerships and personnel updates for the 2023 season.
- Alpine Esports has secured five new partnerships with Varjo, Tobii, The Tiny Digital Factory, Special Effect, and QANplatform to support its sim racing operations.
- The organization established an 'Alpine Esports Content Room' at its F1 factory, equipped with Varjo VR/XR headsets and Tobii eye-tracking technology.
- The Tiny Digital Factory will integrate Alpine vehicles into its mobile racing titles, GT Manager and Infinite Drive, while QANplatform serves as the official blockchain partner.
ONE Esports Named International Media Partner of LPL
ONE Esports has been named the official international media partner for the League of Legends Pro League (LPL), the premier professional League of Legends circuit in China.
- ONE Esports has been named the official international media partner for the League of Legends Pro League (LPL) for the 2023 season.
- This agreement marks the third consecutive year that ONE Esports has served as the international media partner for China's official League of Legends league.
- Under the partnership, ONE Esports will disseminate official LPL media announcements and provide coverage of select stories on its web portal, oneesports.gg.
Beyond The Summit Shutting Down
Beyond The Summit, a prominent fighting game tournament circuit, announced its permanent closure in February 2023 after 11 years of operation.
- Beyond The Summit, a prominent fighting game tournament circuit, announced it is shutting down after 11 years of operation due to challenging economic conditions and financial projections.
- Co-founder David “LD” Gorman confirmed that all staff were notified of the closure during an all-hands meeting on February 27, 2023.
- The company is providing all full-time staff with two weeks of pay, additional severance based on tenure, and health insurance coverage for U.S. employees through April 2023.
NeoTV Planning $55M IPO in the United States
NeoTV Group Limited, a Shanghai-based tournament production company, has initiated plans for a $55 million initial public offering (IPO) in the United States, intending to list on the Nasdaq exchange under the ticker symbol NTV.
- Shanghai-based esports tournament production company NeoTV Group Limited is planning a $55 million initial public offering (IPO) on the Nasdaq exchange under the ticker symbol 'NTV'.
- The IPO is being managed by lead underwriter Prime Number Capital, a firm with a history of facilitating U.S. listings for Asian companies.
- NeoTV is structured as a variable interest entity (VIE) with operations conducted through a series of intermediate holding companies and subsidiaries in Hong Kong and the People's Republic of China.
Kenny Vaccaro’s G1 Acquires Women’s Car Ball League
Gamers First (G1), an esports organization founded by former NFL player Kenny Vaccaro, has acquired the Women’s Car Ball League (WCB) from the Kansas City Pioneers.
- Esports organization Gamers First (G1), led by CEO Kenny Vaccaro, has acquired the Women’s Car Ball League (WCB) from the Kansas City Pioneers for an undisclosed amount.
- G1 will immediately inject capital into the WCB to settle outstanding debts and facilitate the relaunch of the league's fifth season.
- Season 5 of the WCB is scheduled to begin on March 18, 2023, featuring a North American closed qualifier and a main event.
Ginx TV Hires Capital A to Explore Sale
Ginx TV, a London-based media company specializing in gaming and esports content, has engaged the venture capital and private equity firm Capital A to explore a potential sale or new investment.
- London-based gaming and esports media company Ginx TV has hired the firm Capital A to explore a potential acquisition or new investment.
- The company is pitching a strategy to investors that would retain current CEO Michiel Bakker and keep the existing staff of 21 full-time employees and 17+ outsourced roles intact.
- Ginx TV generated approximately £2.2 million ($2.5 million USD) in revenue for the 2022 fiscal year.
Chris Overholt Stepping Down as CEO of OverActive Media
Chris Overholt has stepped down from his position as CEO and president of the publicly traded esports organization OverActive Media.
- Chris Overholt is stepping down as CEO and president of OverActive Media after more than four years in the role.
- OverActive Media co-founder and Chief Strategy Officer Adam Adamou has been appointed as the interim CEO.
- Overholt will remain with the organization for 30 days in an advisory capacity to assist with the leadership transition.
StarCraft II ESL Pro Tour 2023-2024 Season Details
The ESL FACEIT Group has announced the structural and operational details for the 2023-2024 StarCraft II ESL Pro Tour season.
- The ESL FACEIT Group will fully fund the StarCraft II ESL Pro Tour, including all prize money and operational costs, marking a shift in the program's financial structure.
- The 2023-2024 season features two major 'ESL StarCraft II Masters' events, each offering a $200,000 USD prize pool.
- The Masters Finals will be held at two DreamHack events: DreamHack Summer in Jönköping, Sweden (June 16–18, 2023) and DreamHack Atlanta in Atlanta, Georgia (December 15–17, 2023).
Kroenke Sports & Entertainment Guts Esports Division
Kroenke Sports & Entertainment (KSE) has initiated a significant restructuring of its esports division, The Guard, resulting in the layoff of a majority of its staff.
- Kroenke Sports & Entertainment (KSE) has initiated widespread layoffs across its esports division, The Guard, including the termination of numerous executive-level positions.
- The L.A. Gladiators (Overwatch League) and L.A. Guerrillas (Call of Duty League) will remain operational only until the end of their respective seasons or until a buyer is secured for the teams or franchise slots.
- If no buyers are found for the L.A. Gladiators or L.A. Guerrillas, both teams will be permanently closed.
Tyler “Ninja” Blevins Joins GameSquare as Chief Innovation Officer
GameSquare, a publicly traded esports and gaming company, appointed prominent content creator Tyler “Ninja” Blevins as its Chief Innovation Officer in February 2023.
- Tyler “Ninja” Blevins has joined publicly-traded esports company GameSquare as its first-ever Chief Innovation Officer.
- Blevins will lead a new incubator initiative called “Ninja Labs,” focused on developing original intellectual property and consumer products aimed at youth culture.
- The addition of Blevins increases GameSquare’s collective social media reach to over 290 million followers across its roster of creators.
Enthusiast Named #1 Top Ranked Gaming Property for January by Comscore
Enthusiast Gaming Holdings achieved the top ranking for unique visitor traffic among gaming properties in the United States for January 2023, according to data from the media research firm Comscore.
- Enthusiast Gaming was ranked the #1 gaming property in the United States for January 2023 by Comscore, reaching 49.12 million unique visitors.
- The company outperformed major industry players including Roblox (44.88 million), Twitch (44.08 million), and Activision Blizzard (32.05 million) in unique visitor traffic.
- Enthusiast Gaming reported a 349% growth in its digital media property reach over the previous three-year period.