Multi-regional esports organisation Misfits Gaming Group has announced the sale of its League of Legends European Championship (LEC) franchise slot to Spanish esports organisation Team Heretics.
As a result, Team Heretics will enter the league at the beginning of the 2023 LEC season, with Misfits remaining a minority partner in the team. The deal was officially announced on Team Heretics’ Twitch channel.
Neither team has disclosed financial information. However, according to a report by Blix.gg, Misfits will retain 20% of the franchise slot and Team Heretics has purchased its share for around $34m-$36m (~£28m-£29m). Misfits Gaming Group declined to comment on the figure and percentage when contacted by Esports Insider.
Misfits has been an LEC team since its foundation as a franchised league in 2019, when the organisation paid €8m (~£6.7m) for the spot. The organisation has competed in the top-tier of European League of Legends since 2016.
Rumours of Misfits’ sale were first reported yesterday via a tweet by esports journalist Eros, formerly a reporter for Esportsmaniacos. Nevertheless, Team Heretics’ involvement in the deal was only confirmed today.
Following a brief stint in League of Legends esports from 2016-2017, the Spanish esports organisation returned to the scene late last year, competing in the Spanish regional league (SuperLiga). Alongside League of legends, Team Heretics also has competitive rosters in VALORANT, Rocket League, FIFA and Fortnite.
Prior to Misfits’ deal, only one other European team had sold its LEC slot. This occurred in June 2021 when German football club Schalke 04 completed the sale of its LEC franchise to Swiss esports organisation Team BDS. At the time, Team BDS paid €26.5m (~£22.8m) for Schalke’s slot.
Misfits has confirmed that the organisation will also step away from the LFL, France’s regional league, at the conclusion of the 2022 season.
According to Misfits, the move is part of a larger strategy to expand its focus on creative talent as well as fielding competitive teams. Misfits listed the launch of TubeNet, a new cross-platform Minecraft Server, as an example of its creative direction.
The organisation has also confirmed its commitment to compete in the Overwatch League (Florida Mayhem), Call of Duty League (Florida Mutineers) and VALORANT.
On the sale, Ben Spoont, Co-founder and CEO of Misfits Gaming Group, commented: “Our role as Misfits Gaming Group is to use our creative, strategic and financial resources to help our talent bring their ideas and dreams to life. TubNet is the first of what we expect will be a large number of creator-driven programs and businesses that operate under the Misfits umbrella in the years ahead.
“It’s bittersweet to know that our mission to diversify means that we cannot be in all places at once and we’re sad to say so long to the loving camaraderie and competitiveness of the LEC, but we did not make this decision lightly and ran an exhaustive process vetting numerous interested offer parties and came to the decision that Team Heretics was the right selection to continue on as responsible stewards of the League.”