More details about the new Overwatch League expansion franchise in Toronto have come out and a major name in esports will be involved.
Early reports indicated that Toronto would be the fourth new franchise to enter the OWL, now there is more information on how the ownership of the team will shake out.
ESPN is reporting that a group led by Canadian entrepreneur Michael Kimel is in the final negotiations to acquire the Toronto team for $35 million.
The esports organization Splyce is being brought on to manage the new franchise and will own 10% of the team.
Kimel is a venture capitalist from a wealthy Canadian family and started a wide variety of businesses from nightclub promotion to food delivery apps. He also owns a share of NHL team Pittsburgh Penguins.
Joining in the money group is Westdale Properties, a real-estate firm in Toronto. Westdale Properties is owned by Ron Kimel, Michael’s uncle.
OverActive Media, which invested at least $1.5 million in Splyce since April, will also be a member of the ownership group.
Splyce tried to get into one of the original OWL slots in Boston last year, but the owners of American NFL team the New England Patriots were awarded the franchise instead. It may be a costly move for Spylce as OWL franchise valuations have shot up by $15 million since last year.
Joining Toronto will be new franchises in Paris, Atlanta and Gangzhou, China.
The Overwatch League wants to add a total of six additional franchises for their second season, leaving two spots remaining.
Expansion teams can start adding players to their roster on September 9.