North American organisation Echo Fox has submitted a proposal to sell its franchise slot in Riot Games‘ LCS.
According to a report by ESPN, Los Angeles Gladiators parent company Kroenke Sports & Entertainment has agreed to purchase the slot for $30.25 million (£24.2 million).
Echo Fox has submitted a proposal to sell its slot in the LCS to a new ownership group. The LCS is reviewing the potential sale and will be meeting with the proposed ownership group in the coming days.
— lolesports (@lolesports) July 24, 2019
Riot Games had given Echo Fox a week extension on the original 60-day period that was granted for the organisation to remove Amit Raizada, a shareholder that allegedly used racist language towards both Rick Fox and Jace Hall.
Chris Greeley, Commissioner of LCS told ESPN: “We’re working diligently to minimize disruption to Echo Fox players and staff for the 2019 season in partnership with the LCS Players’ Association. If LCS rejects the proposal, Echo Fox has agreed that LCS will be taking over the sale process for the slot. Our goal is to make sure we have an orderly transition and a new team ready for the 2020 season.”
Kroenke Sports & Entertainment currently owns a range of brands across sports, including NBA’s Denver Nuggets, NFL’s Los Angeles Rams, NHL’s Colorado Avalanche, football clubs Arsenal F.C. and Colorado Rapids, and Lacrosse side Colorado Rapids.
Immortals Gaming Club acquired Infinite Esports & Entertainment in June and will rebrand the OpTic Gaming franchise to Immortals starting 2020. Earlier that month, Harris Blitzer Sports & Entertainment (HBSE) acquired the Clutch Gaming franchise and announces plans to reintroduce its Dignitas brand to the LCS in 2020 also.
Esports Insider contacted Echo Fox for comment but did not receive a response prior to publishing.
Esports Insider says: One way or another, three of the 10 original franchises that partnered with the LCS will no longer exist come 2020. Each of the three situations are different but still affect the North American league, which appears to have raised its stock a lot in such a short amount of time (should ESPN’s report prove accurate, of course).