01 March 2024 16:10
Source: GameSquare Esports
GameSquare Esports announced the sale of Complexity Gaming to Global Esports Properties led by Complexity's founder and CEO Jason Lake for $10.36m. According to the release GameSquare and Complexity signed a Membership Interest Purchase Agreement. GameSquare recently announced the purchase of FaZe Clan. The company will pay $17m for the merger. GameSquare is the parent company marketing agency Code Red. FaZe Clan was having financial troubles last year. The organization was issued a notice by NASDAQ several times due to extremely low stock prices.
GameSquare CEO Justin Kenna. "The Complexity transaction follows the December 2023 sale of our Frankly radio assets, as we continue to optimize our platform ahead of the pending acquisition of FaZe. Once the acquisition with FaZe closes, which is expected in the coming weeks, we are excited to get to work replicating the success we achieved with Complexity at FaZe. We believe this is a win/win for Complexity, Global Esports, GameSquare and the global esports leagues where Complexity and FaZe compete, as many leagues have rules around ownership of multiple teams. We look forward to rooting for Complexity and finding ways to continue to work with Jason and his team."
Tags: GameSquare Complexity Gaming
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