Kroenke Sports & Entertainment, owner of Arsenal FC, the Denver Nuggets and the Los Angeles Gladiators, has agreed to a deal that will see it acquire Echo Fox’s League of Legends Championship Series slot for $30.25 million (€27.11m), according to ESPN.
The deal is pending Riot Games’ approval and comes after the expiration of July 29th deadline set by Riot that put Echo Fox, which was cofounded by three-time NBA champion Rick Fox, in jeopardy of losing their League of Legends Championship Series slot.
“Echo Fox submitted a proposal to sell its slot in the LCS to a new investment group. LCS is reviewing the sale and will be meeting with the proposed ownership group in the coming days,” LCS commissioner Chris Greeley said. “We’re working diligently to minimise 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.”
The deal is the second eSports venture for Kroenke Sports & Entertainment, which agreed to pay $20 million to enter the Overwatch League in August 2017.