Echo Fox To Sell LCS Slot To Kroenke Sports & Entertainment
Posted 29th July 2019 By: Derpina    133 Views
Esports News – The slot of North American team Echo Fox in the League of Legends Championship Series (LCS) is out in the marketplace, and holding company Kroenke Sports & Entertainment is the first in line. Sources confirmed that the buyer has agreed to pay $30.25 million for the slot, but the final decision stays with Riot Games.
@lolesports, Riot Games’ twitter handle, confirmed the deal on a tweet. But it was Chris Greeley, LoL’s commissioner, who released a press statement: “LCS is reviewing the sale and will be meeting with the proposed ownership group in the coming days…We’re working diligently to minimize disruption to Echo Fox players and staff for the 2019 season in partnership with the LCS Players’ Association. If LCS rejects the proposal, Echo Fox has agreed that LCS will be taking over the sale process for the slot. Our goal is to make sure we have an orderly transition and a new team ready for the 2020 season.”
Cause and effect
Echo Fox submitted a proposal to Riot Games to sell its slot in the LCS. It will be sold to an ownership group handling professional sports teams like the Los Angeles Rams, Denver Nuggets, Colorado Avalanche, and Arsenal FC. Kroenke Sports & Entertainment will be meeting Riot Games and its officials in the coming days to talk about the proposed deal.
According to reports, the decision to sell the slot was due to a related dispute between Echo Fox’s founder Rick Fox and Vision Venture Partners’ Amit Raizada, one of the shareholders. According to Rick, Amit used racist slur in an email directed to Jace Hall, the CEO of Echo Fox’s organization. Rick planned to leave the organization after the incident but decided to stay if the organization decides to oust Amit.
The LCS organization itself also requested the removal of Amit from his position by warning Echo Fox to take action within 60 days of May 15. If Amit won’t comply, his decision “may adversely impact the future of Echo Fox in the LCS.” The deadline was extended for seven days, so the officials handling Echo Fox will have more time to decide. But their silence remains and persists.