Sources: Kroenke Buying Echo Fox' League Of Legends Spot For $30M
Kroenke Sports & Entertainment has "agreed to a deal that will see it acquire Echo Fox's League of Legends Championship Series slot" for $30.25M, according to sources cited by Jacob Wolf of ESPN.com. The deal is pending Riot Games' approval and comes after the expiration of a Monday deadline set by Riot that put Echo Fox in "jeopardy of losing their League of Legends Championship Series slot." Since the weekend, Echo Fox has "scrambled to strike a deal with a suitor." On May 15, LoL developer Riot Games announced that Echo Fox would have 60 days to "remove minority owner Amit Raizada from its cap table following reports of Raizada's use of racist language toward a business partner." That deadline was extended on July 15 to yesterday after Echo Fox "submitted a proposal for Raizada's shares to be transferred to an entity owned by a family member." Sources said that so far, Echo Fox have paid $5M toward their $10M franchise fee owed to Riot. The remaining $5M is to be "paid over the next few years." The deal is the second esports venture for KS&E, which agreed to pay $20M to "enter the Overwatch League" in August '17. Along with the Singapore Sentinels of the LoL, KS&E founded the L.A. Gladiators of the OWL (ESPN.com, 7/23).
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