Written by Dante Uzel on 01 August 2024 11:40
Guild Esports has announced that it is exploring various financial solutions after a strategic review revealed that the company is facing severe cash constraints. As of July 31, 2024, the UK esports organization reported a cash balance of just £25k.
According to reports, to address its immediate financial needs, Guild Esports is considering several measures. These include securing additional funding, negotiating improved payment terms with creditors, and implementing further cost reduction initiatives. The company has short-term liabilities totaling £1.36 million due by the end of September, while it is owed £1.52 million.
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This announcement follows a challenging financial period for Guild Esports, which reported a £1.8 million loss before tax for the first half of 2024 (from October 1, 2023, to March 31, 2024). In May 2024, the organization received a financial boost when Dubai-based investor Mr. Koshy Vinod acquired approximately 66.7 million shares, representing an 8.28% stake in voting rights.
Tags: Guild Esports
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