Heroic, Furia, and BIG have bought into the Louvre Agreement with an average bid of $7 Million.
The Louvre Agreement has expanded from 12 slots to 15, as Heroic, Furia and BIG have bought into the agreement with their individual bids totaling almost $20M. As partner teams, they will be joining ESL and the 12 partner teams to participate in the ESL Pro League. They will also be equal shareholders in the EPL and weigh in on the governance of the league. The teams will also be a part of the revenue-sharing structure of the ESL Pro Tour going forward.
“When we started this process back in March, we were inundated with expressions of interest from over 40 ventures in CS:GO, esports more generally and even those currently not operating in the space. This marked an encouraging start and we have now come to the end of our journey; with the 13 existing Members overwhelmingly appreciating the rigour and objectivity of the process, as well as the calibre of the three teams that have been approved: BIG, Furia and Heroic. These teams and their investors have recognised the value of what we are building with the ESL Pro League project. The fact that they have put down such significant bids (with financial and non-financial components to each) shows they see real stable governance and growing value, that puts us on a par with other top-tier investment opportunities in esports or sports. We are in no doubt that each of these three teams will meaningfully contribute to our momentum, in the spirit of collaboration, global growth and strategic creativity.”
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What Does this Partnership Mean for the ESL Partner Teams?
Apart from the financial bids, the teams have also agreed to non-financial commitments. Furia will focus their staff, resources, and energy on representing South America and supporting the North American region. They plan to locate their roster in Florida while collaborating with other Members across both continents.
Heroic will become full partners in the second half of 2022, owing to the timing of the recent ESIC investigations.
Heroic’s application was subject to Member discussions about the impact of the ESIC investigation, and the various events that were under review. Heroic’s high-quality application included a range of commitments from their new leadership team, including a focus on the high standards of new management and upholding the performance integrity of the league. On that basis, and coupled with the cooperation and active contribution of their staff within the investigation, their application was accepted. Due to the disruption caused by the events, and the timing of the subsequent ESIC inquiry, the Members and Heroic both agreed to delay the team’s official start date until the second half of 2022.
“The revenue, scale, and long-term commitments of this deal are a great example of how the Pro League is transforming competitive gaming – and doing it in the right way. Having the new teams join with an average bid of almost $7M, enables us to know our worth, and share the value of our spot in the Pro League with sponsors, partners, and stakeholders.”
With this deal, EPL now has 15 partner teams with permanent league slots. This change will likely lead to the reduction of slots from the ESL World Ranking and will be a part of the new EPL Structural changes.
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