UK-based esports and gaming company Gfinity announced Tuesday that its board of directors has approved the sale of the remaining business assets of its “esports solutions division” to Ingenuity Loop Limited for down payment of £15K ($16.2K USD) as “a contribution to costs incurred by the Esports Solutions Division since August 2023 (including transaction costs)” and a 15% equity interest in Ingenuity Loop.
Under the terms of the deal, Ingenuity Loop has the option to buy out Gfinity’s 15% interest for £200K ($216K USD) in cash at any time in the first 12 months following completion of the sale. In addition Gfinity non-executive chairman Neville Upton has agreed to join Ingenuity Loop as chief executive, but will not take a salary for the role. In return, Upton will have an equity interest of approximately 41.65% in the company on completion.
While the company is not allowed to use the name “Gfinity” in any public press releases or marketing, under the terms of this sale it will have a “transitionary period” of up to four years to trade as “Gfinity Esports Solutions.”
Gfinity’s board of directors announced in February that it would partner with a third-party company to shift away from the esports business and closed the Gfinity Arena in Fulham. In June the board voted to shut down its esports operations to focus on its media division.