British esports organisation LDN UTD has been acquired by venture capital and Web3 company Ludus Gaming.
As a part of the acquisition, LDN UTD will be integrated into Ludus Gaming’s group and work together with other companies under its umbrella. Oliver Weingarten, LDN UTD’s Founder, will become Chairman of the new venture, with Ludus Gaming’s Daniel Gee acting as CEO.
In addition, James Sheehan of sports and media finance group SM22 will join the company’s Board as Non-Executive Director.
According to Ludus Gaming, the company is a digital sports and gaming investment vehicle which focuses on play-to-earn (P2E) gaming. The company did not disclose the financial details of the acquisition, however, it has been revealed that Ludus has become a majority shareholder in the organisation.
Ludus Gaming and LDN UTD noted that the newly-acquired organisation will continue operating as previously mentioned, meaning that all of the initiatives which are already underway will continue. In addition, the two companies will explore further sponsorship possibilities, membership solutions, hospitality, and events to connect LDN UTD with other businesses in the Ludus Gaming group.
LDN UTD is perhaps most known for being heavily invested in social activities and supporting good causes, particularly within the United Kingdom. The organisation held campaigns about combating racism, enhancing diversity, fighting crime, and supporting the mental and physical well-being of players and fans.
The organisation also has its own education initiative, called UTD EDN, which helps young talent make their first esports steps. Earlier this year, the UK-based organisation departed the League of Legends scene and has yet to announce a new roster for VALORANT, meaning LDN UTD currently has no active esports rosters.
In August, BLIX.gg reported that the organisation was changing strategy to focus more on event hosting and tournament organisation.
Daniel Gee, the new CEO of LDN UTD, commented: “Ludus Gaming was created to push inclusivity in gaming and the ethos of LDN UTD fits perfectly with our purpose.
“We explored lots of acquisitions including other esports organisations, but working alongside Olly and the LDN UTD team we knew this would be the perfect fit for our team; leveraging our skills in building long-term commercial partnerships and growing brands.”