Guinevere Capital, the majority shareholder in Excel Esports, is looking for investors to take over its majority stake in Australian organisation Dire Wolves.
The investment firm was informed by Riot Games, at the time that Excel Esports was applying to join the LEC, that it could only have ownership in one team due to potential future conflicts.
As part of Riot Games’ ruling, all of the shareholders in Dire Wolves that also have a stake in Excel Esports need to be replaced. Esports Insider has been informed that approximately two-thirds of the shares in Dire Wolves need to be transferred to other shareholders for the rule to be adhered to, and that the remaining non-conflicting shareholders are open to selling their equity should a buyer want to wholly own the organisation.
Guinevere Capital also owns Overwatch Contenders team Sydney Drop Bears and the Esports High Performance Centre, and is open to including some or all of the equity in these properties in a larger deal alongside Dire Wolves.
Dave Harris, Manager Director at Guinevere Capital spoke to Esports Insider about the situation: “I am very passionate and bullish about the Australian esports industry and will certainly continue to be involved in various capacities. I hope this process will encourage more investors to enter the eco-system which is going from strength to strength and also provide a road map for others of the full investment cycle we have been through over the past 3 years.”
Guinevere Capital was announced as the majority shareholder in Excel Esports in September last year and, shortly after, the organisation was announced as one of 10 long-term partners that had been accepted into LEC.
Esports Insider says: A good thing for Guinevere Capital is that it owns a number of properties and it may be able to offer a solid package deal for its portfolio (excluding Excel Esports, of course). With that being said, Harris has made it clear that he doesn’t plan on leaving Australian esports so we’re intrigued to see how things transpire.