Blockchain and fan token company the Chiliz Group announced Tuesday that it has acquired a 51% stake in OG Esports.
Financial terms and specific details on the price tag of this transaction were not disclosed.
With this transaction, the company will move to help OG Esports financially by investing in expanding operations, developing and deploying improved fan and player engagement, and tweaking the management team. To that end, Xavier Oswald, a former co-founder and shareholder of OG, has been appointed to the role of CEO, while OG co-founders Johan “n0tail” Sundstein and Sébastien “Ceb” Debs will focus on a “new strategic project consolidating the team’s competitive foundation.”
“With Chiliz, we share a common vision based on strong values: passion, transparency, and the power of communities.” said Johan “N0tail” Sundstein, co-founder OG Esports. “From winning back-to-back Internationals to competing against OpenAI Five in a world-first showcase of human-AI collaboration, OG has always been about pushing boundaries. This alliance will allow us to stay true to our identity while continuing to grow.”
“This agreement marks the beginning of a new competitive cycle,’ added OG Esports Co-Founder Sébastien “Ceb” Debs, G. “We want to once again become a major force on the international stage and inspire a new generation of players and fans. With the support of Chiliz, we now have the means to build an ambitious and sustainable project.”
In addition, Chiliz Group-owned fan token platform Socios.com will now serve the exclusive wallet and engagement platform for $OG Fan Tokens, with $OG acting as the showcase for the platform. OG launched the $OG Fan Token in 2020, and it recently hit a milestone when it became the first esports Fan Token to surpass a $100 million USD market capitalization.
In case you are not familiar with it, Socios.com is a Layer-1 blockchain solutions platform that works closely with sports and esports companies to enhance their fan communities. Socios.com technology partners include NIP Group, Alliance, Team Vitality, MIBR, Team Heretics, NAVI, FC Barcelona, Paris Saint-Germain, Manchester City, Juventus, and Inter Milan, among others.
Founded in 2015 by professional Dota 2 players n0tail and Ceb, OG currently competes in Counter-Strike 2, Honor of Kings and Mobile Legends: Bang Bang, among other competitive titles.
OG Esports had a challenging August following the release of its financials for Fiscal Year 2024, when it was revealed that the company posted a total loss of roughly €2.9 million, or more than $3.3 million USD.