Bucks co-owner Wesley Edens buys into esports for $2.5 million

Bucks co-owner Wesley Edens buys into esports for $2.5 million

American businessman and investor Wesley Edens, co-owner of the Milwaukee Bucks and co-chairman of the Fortress Investment Group, is in the process of purchasing Cloud9 Challenger’s League Championship Series spot and the contracts of four of the team’s players for roughly $2.5 million, industry sources told ESPN. The deal is pending Riot Games’ vetting process and approval.

This deal if proved correct will prove to be a major gamechanger in the League of Legends scene.  The cloud9 roser has been quite successful in the NA LOL Scene. With Cloud9 being a major participant in several top eSports, it is indeed surprising to see them let go of their successful players.  The team is notable for winning two LCS seasons, as well as a top eight finish at the Season 3 World Championship.

wesley-edens

The $2.5 million amount is quite noteworthy. The spot alone reportedly is selling for $1.8 million, with player contract rights making up for the remaining $700,000 via buyouts, sources say. The spot was originally for sale at the 2017 Spring Promotional Event.

This news follows several other sports organisations investing into eSports teams and tournaments. The mainstream mediaś coverage of eSports definitely helped in securing funds and investments.

Source – ESPN

 

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