Prominent esports organization Echo Fox are selling their spot in the North American League of Legends Championship Series after being unable to part ways with a shareholder accused of racism.
On July 23, the official Twitter page of League of Legends esports put out a tweet announcing that Echo Fox had submitted a proposal to sell their slot in the LCS.
The organization was given until 5 PM PT / 8 PM ET on July 22 to either get rid of controversial investor Amit Raizada, or submit a proposal kick-starting their selling process.
“Echo Fox has submitted a proposal to sell its slot in the LCS to a new ownership group,” LCS tweeted. “The LCS is reviewing the potential sale and will be meeting with the proposed ownership group in the coming days.”
Echo Fox has submitted a proposal to sell its slot in the LCS to a new ownership group. The LCS is reviewing the potential sale and will be meeting with the proposed ownership group in the coming days.— lolesports (@lolesports) July 24, 2019
According to a report put out by ESPN Esports, one group has already pulled ahead as the front-runner to purchase the spot - Kroenke Sports & Entertainment.
The group currently owns Arsenal Football Club, the Denver Nuggets, and the LA Gladiators, one of the top teams in the Overwatch League.
According to ESPN’s sources, there is a deal already in place which puts the price tag for the spot at a cool $30.25 million, which still has to be reviewed and approved by the LCS of course.
In the off-chance that the deal gets rejected, Echo Fox have agreed to let the LCS take over the sale process, according to commissioner Chris Greeley.
Echo Fox currently sit dead last in the NA LCS’ 2019 Summer Split with a 3-11 record, three games out of the sixth and final playoff spot with just four matches left to play.
They did manage to qualify for the playoffs during the Spring Split, but were eliminated in the first round by Team SoloMid.
Since the LCS transitioned to a franchised league back in 2017, Echo Fox have made the playoffs three of the five splits, with their best placement being a third-place finish back in the 2018 Spring.
This all began back on April 25, when Echo Fox founder Rick Fox shocked the world of esports by announcing his intention to leave the organization unless they got rid of an investor who he accused of being racist.
The investor, Amit Raizada of Vision Venture Partners, refuted the claims, but the emails and messages Fox produced were strong enough evidence for the LCS to demand that Echo Fox find a way to get rid of him, giving them 60 days.
However, that proved easier said than done, as the organization failed to make any progress by the time the deadline arrived, with the LCS even granting them a seven-day extension, despite receiving very negative backlash for doing so.
The final deadline of July 22 arrived with Echo Fox still being unable to convince the shareholder to part ways, and thus had no choice but to offer their spot for sale.