ESL and FACEIT Acquired by Saudi Arabia’s Savvy Gaming Group.
Massive change of hands in esports domain where the two biggest names in esports organizers are acquired by Saudi Arabia’s Savvy Gaming Group.
The Modern Times Group has confirmed that it has sold Esport’s biggest organizer ESL to Saudi-based Savvy Gaming Group. Moreover, Savvy Gaming Group also acquired FACEIT, the deal means that now the biggest esports organizers have got new owners in Saudis.
It is reported that the deal is worth $1.5 billion, and the Savvy Gaming Group is fully owned by the PIF, Saudi Arabia’s sovereign wealth fund.
ESL is a popular name when it comes to competitive esports games. Some of the top events that it had organized are ESL One, Intel Extreme Masters, the ESL Pro Tour, and ESL Play.
These tournaments are pretty popular among the gaming communities associated with CSGO, DOTA2, and StarCraft. As for FACEIT, it is famous for its Esports Championship Series, it also hosted CSGO’s London Major in 2018.
As for the existing teams and leadership, sources claim that both FACEIT and ESL leadership will remain the same. Niccolo Maisto and Craig Levine will remain as co CEOs, while ESL’s Ralf Reichert will become exclusive chairman.
“By uniting these complementary capabilities, and with the backing of SGG, we are taking a long-term approach to develop a more robust platform to better support the future of the whole competitive gaming ecosystem and generate more value for all its stakeholders in a sustainable way,” Maisto shared his thoughts.
SGG is a promising group having five subsidiary companies; Savvy Esports Company, Savvy Ecosystem Company, Savvy Games Studios, Savvy Fund, and the Savvy Infrastructure Company.
Each group is committed to investing and supporting games and esports. The Savvy Gaming Group is led by Brian Ward who was the former head of worldwide studios at Activision Blizzard.
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