{"id":137749,"date":"2023-04-14T11:42:42","date_gmt":"2023-04-14T10:42:42","guid":{"rendered":"https:\/\/esportsinsider.com\/?p=137749"},"modified":"2023-04-14T11:42:48","modified_gmt":"2023-04-14T10:42:48","slug":"version1-esports-merger","status":"publish","type":"post","link":"https:\/\/esportsinsider.com\/2023\/04\/version1-esports-merger","title":{"rendered":"Esports organisation Version1 seeking merger"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"554\" src=\"https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/version1-large.jpg\" alt=\"\" class=\"wp-image-137752\" srcset=\"https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/version1-large.jpg 1024w, https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/version1-medium.jpg 300w, https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/version1-medium_large.jpg 768w, https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/version1-1536x830.jpg 1536w, https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/version1.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Image: Gen.G<\/figcaption><\/figure>\n\n\n<div id=\"esi-paragraph-67d74d8703e07\" class=\"esi-paragraph \">\n    \n<p>North American esports organisation <strong>Version1 <\/strong>is hoping to merge with, or be acquired by, a fellow esports organisation, according to an interview with its <strong>COO Brett Diamond<\/strong> in <a href=\"https:\/\/digiday.com\/marketing\/all-options-are-on-the-table-why-version1-is-seeking-a-merger-with-another-esports-company\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Digiday<\/strong><\/a>.<\/p>\n\n  <\/div>\n\n\n<div id=\"esi-paragraph-67d74d8704647\" class=\"esi-paragraph \">\n    \n<p>Diamond states that despite \u201cmeeting financial projections every year the organisation has existed\u201d, the team\u2019s leadership believes that strengthening V1\u2019s financial resilience would pay off in the long term amid a period of esports consolidation.<\/p>\n\n  <\/div>\n\n\n<div class=\"keep-reading \"  id=\"kr-67d74d87059c8\">\n  <div class=\"heading\">Keep Reading<\/div>\n  <ul class=\"d-flex flex-column\">\n          <li id=\"post-137554\" style=\"order: 1;\"><a href=\"https:\/\/esportsinsider.com\/2023\/04\/counter-logic-gaming-nrg\" target=\"_blank\">CLG acquired by North American esports organisation NRG<\/a><\/li>\n          <li id=\"post-137409\" style=\"order: 2;\"><a href=\"https:\/\/esportsinsider.com\/2023\/04\/tsm-pullout-report-ceo\" target=\"_blank\">TSM reportedly pulling out of several titles as CEO says it&#8217;s &#8216;committed to esports&#8217;<\/a><\/li>\n          <li id=\"post-137708\" style=\"order: 3;\"><a href=\"https:\/\/esportsinsider.com\/2023\/04\/shift-shuts-website\" target=\"_blank\">Rocket League news outlet Shift to shutter site at end of April<\/a><\/li>\n      <\/ul>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"http:\/\/bit.ly\/3KAix2a\"><img loading=\"lazy\" decoding=\"async\" width=\"824\" height=\"152\" src=\"https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/ESISG-WebsitePromoDivider-824x152px.png\" alt=\"ESI singapore promo banner for articles\" class=\"wp-image-137661\" srcset=\"https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/ESISG-WebsitePromoDivider-824x152px.png 824w, https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/ESISG-WebsitePromoDivider-824x152px-medium.png 300w, https:\/\/esportsinsider.com\/wp-content\/uploads\/2023\/04\/ESISG-WebsitePromoDivider-824x152px-medium_large.png 768w\" sizes=\"auto, (max-width: 824px) 100vw, 824px\" \/><\/a><\/figure>\n\n\n<div id=\"esi-paragraph-67d74d8706f0d\" class=\"esi-paragraph \">\n    \n<p>Version1 currently operates three esports divisions: Call of Duty League franchise Minnesota ROKKR, Rocket League pro and academy teams, and a female VALORANT roster. The organisation is jointly owned by the Wilf family and New York city-based investors WISE Ventures.<\/p>\n\n  <\/div>\n\n\n<div id=\"esi-paragraph-67d74d870769f\" class=\"esi-paragraph \">\n    \n<p>According to the interview, other options for Version1\u2019s future include taking on further investment, which would be tough in a challenging fundraising environment, or looking for ways to pivot the business into another business area that could help shore up finances in the longer term.<\/p>\n\n  <\/div>\n\n\n<div id=\"esi-paragraph-67d74d8707dfd\" class=\"esi-paragraph \">\n    \n<p><a href=\"https:\/\/www.fox9.com\/sports\/version1-owner-of-minnesota-rokkr-exploring-potential-merger\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Speaking to Fox9<\/strong><\/a>, Diamond commented that the CDL\u2019s Call of Duty franchise would be particularly attractive to a potential acquirer. &#8220;We\u2019ve had productive conversations with a number of different esports organisations,&#8221; said Diamond. &#8220;None of them are currently in Call of Duty.&#8221;<\/p>\n\n  <\/div>\n\n\n\n\n<div id=\"esi-paragraph-67d74d87085da\" class=\"esi-paragraph \">\n    \n<p>A potential sales process would ideally include current owners the Wilf family in some capacity but other \u201cstrategic alternatives\u201d are also being explored. Layoffs will be a key concern for current ownership as <a href=\"https:\/\/esportsinsider.com\/2023\/04\/shift-shuts-website\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>newly-merged organisations often undergo a process of cost-cutting<\/strong><\/a> to ensure fiscal sustainability.<\/p>\n\n  <\/div>\n\n\n<div id=\"esi-paragraph-67d74d8708d3f\" class=\"esi-paragraph \">\n    \n<p>Version1 are the second team to see rumours of a potential acquisition in as many weeks. <a href=\"https:\/\/esportsinsider.com\/2023\/04\/counter-logic-gaming-nrg\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Counter Logic Gaming was officially acquired by fellow esports organisation NRG<\/strong><\/a> on<br>Thursday last week. The deal was accompanied by mass layoffs across the company including <strong>CEO Greg Kim <\/strong>although the League of Legends team was retained, along with its support staff, pending a planned re-brand.<\/p>\n\n  <\/div>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>Image: Gen.G North American esports organisation Version1 is hoping to merge with, or be acquired by, a fellow esports organisation, according to an interview with its COO Brett Diamond in Digiday. Diamond states that despite \u201cmeeting financial projections every year the organisation has existed\u201d, the team\u2019s leadership believes that strengthening V1\u2019s financial resilience would pay &hellip; <a href=\"https:\/\/esportsinsider.com\/2023\/04\/version1-esports-merger\">Continued<\/a><\/p>\n","protected":false},"author":106,"featured_media":137752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","esi_template":"default","excluded":false,"footnotes":""},"categories":[63,55,5283,106,237,240,8701,8723],"tags":[16104,942,14133,11050],"class_list":["post-137749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial","category-esports-titles","category-investments","category-latest-news","category-news-by-region","category-north-america","category-shooters","category-valorant","tag-acquisitions","tag-clg","tag-layoffs","tag-version1"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - 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