Rick Fox’s lengthy and public legal battle with his former Echo Fox business partners has been settled out of court, after the two parties reached a settlement agreement on Monday to remove Fox as a general partner from the esports club he founded in 2015.
According to documents obtained by Newsweek, Vision Esports’ attorneys, the general partner Esports LCC, and Rick Fox filed the confidential settlement agreement in LA county court on Monday evening, and both parties have agreed to dismiss their respective lawsuits.
“Fox no longer owns, controls or is involved in the General Partner of Echo Fox, and have agreed that all claims in this Action should be dismissed with prejudice following execution of the settlement agreement,” both parties informed the court following their week-long discussion period ahead of the announced settlement.
The funds for the sale of Echo Fox’s franchise slot in the LCS will be done by direct sale, which overrides Judge Rupert Byrdsong’s original October 4 agreement which mandated the funds be put in the court’s custody until both parties agreed on distribution terms.
In a statement to Newsweek, Fox revealed that he had chosen to leave the esports company “as a method to end the turbulent fighting.” According to the departing Echo Fox founder, his next step is to “continue to advance (his) visionary interest” with new esports opportunities.
“On the court and in the business world, teammates are everything and there must be unity and a shared sense of purpose in order to succeed,” he said.
“In the case of Echo Fox, the significant difference of values, ethics, and commitment to integrity was very problematic and damaging. I have shared my thoughts on this in my past statements and court filings, and sincerely hope that my experience can help provide further insight for people who should, of course, make their own judgements and determinations.
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“I have learned some very painful lessons, and am relieved to now be moving on towards more positive business experiences. My experience with Echo Fox has in no way diminished my abiding passion for esports.”
Following the news of the settlements, the former NBA star has now reportedly set the wheels in motion to join forces with friend and former Echo Fox president Jace Hall to form a new organization, Twin Galaxies International.
Echo Fox’s future remains unknown beyond this point, with no official statements from the organization released as yet. The team’s League of Legends roster was released in August, following confirmation the organization would be selling its franchise slot in the LCS.
Evil Geniuses will officially return to the LCS in place of Echo Fox in LCS 2020 Spring alongside fellow legacy organizations Dignitas and Immortals, both of whom purchased Clutch Gaming and OpTic Gaming respectively earlier this year.
As well as Fox's potential Twin Galaxies involvement, the esports investor will also be producing a comedy show on CBS based around his purchase of Gravity Gaming's LCS slot in 2016.