Danish esports organisation Tricked Esport has officially announced its closure following a withdrawal of funding by esports and gaming investment company RightBridge Ventures.
The news follows a statement from the organisation made in February, citing current market conditions raising operational costs.
According to a release, the organisation stated that “even if cost[s] had been reduced, there are no longer the right conditions for continued operation.” As a result of the closure, Tricked Esport has filed for bankruptcy.
Founded in 2012, the organisation has competed across several titles. Most recently, it has fielded rosters in CS:GO, League of Legends, FIFA, Fortnite, and Hearthstone. Alongside its rosters, Tricked Esport also operated an academy initiative for aspiring esports players in a number of titles including VALORANT and Rocket League.
Due to the current economic climate, many areas of the esports industry are struggling. In April, Rocket League news outlet Shift announced plans to shutter its website due to operational costs while the likes of Cowana Gaming, Torrent, TENSTAR and X7 Esports have also ceased operations in recent months.
Tricked Esport says all remaining staff and players representing the organisation are free to find new employment once their existing contracts have hit their expiry dates.
Carlos Barrios, CEO of RightBridge Ventures, spoke on the closure: “We see a problem in how the market has developed and in the Tricked offline business model in the current market.
“Even if the decision is tough to make, the result for the entire group will improve in the long-term with the decision.”
Disclaimer: The original release has been translated from Swedish to English.
