German-based AG has filed for insolvency. The responsible district court in Munich mandated a provisional receivership to secure the debtor’s assets until a decision regarding the insolvency claim has been made. The company was founded in 2017 to produce esports-related content and launch a cryptocurrency effort.
Last year, struck a number of partnerships within esports. In March 2018, the company agreed to a sponsorship deal with Counter-Strike: Global Offensive team Astralis, with the agreement valued at about $2M over three years. Then in December, announced a joint venture with 7Sports, the sports business unit of German media company ProSiebenSat.1, to co-manage the website and feature ProSiebenSat.1’s content.
ProSiebenSat.1 representative states, “The insolvency concerns AG. ProSiebenSat.1 has no direct business relationship with AG. The joint venture operated jointly by AG and ProSiebenSat.1 Sports GmbH ( GSA GmbH) is not directly affected by the insolvency. Our goal is to continue operating the platform in German-speaking countries as before.”
“As we are not part of the insolvency proceedings, ProSiebenSat.1 cannot make any statements on this matter. The insolvency of AG has no impact on the eSports strategy and activities of the ProSiebenSat.1 Group,” ProSiebenSat.1 representative added.

By Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.