Preston Gardner, the president and CEO of gaming furniture manufacturer Respawn Products, has acquired the company through a buyout for an undisclosed price. Gardner shared on Linkedin that he has “exciting plans for the company, and a singular focus on the space.” Esports Insider first reported the news on Wednesday. Before its sale to Gardner, Respawn was part of NYSE-listed HNI Corporation’s portfolio of furniture brands. The buyout materialized as the economic effects of the global pandemic forced HNI to...

Nasdaq-listed virtual racing game maker Motorsport Games has faced controversy ever since its IPO in 2021, and all efforts to recover have driven the company further into trouble. As Motorsport Games teeters on the brink of collapse, its board of directors decided to terminate current CEO Dmitry Kozko and appoint Stephen Hood in his place, effective today. With his appointment as CEO and President, Stephen Hood returns to Motorsport Games, a company he left in January 2022 after serving as...

Esports holds long-term financial viability at League of Legends and Valorant developer Riot Games, according to John Needham, President of Esports at Riot. In a blog post published Wednesday, Needham outlined the developer’s esports assets roadmap. While his full blog post, “Building the Future of Sport at Riot Games: Economics,” can be found on Riot’s blog, The Esports Advocate offers a concise five-minute summary of the key takeaways. Contrary to using esports as a marketing tool for acquiring new players,...

Esports companies continue to keep Nasdaq’s Listings Qualifications Department busy. This time, Indian collegiate esports market-focused Mobile Global Esports received a notification letter due to not being in compliance with Nasdaq listing requirements less than a year after its July 2022 $6.9M USD initial public offering (IPO). Never heard of Mobile Global Esports, a Nasdaq-listed esports company? It probably evaded your attention by virtue of being a zero-revenue company looking for opportunities in a foreign market space. Nevertheless, Mobile Global...

A focus on revenue growth, new partnerships, and a positive outlook is a common communication pattern of publicly-traded esports companies. Yet, most of them are generating multi-million dollar losses year after year, undergo strategic reviews and restructures regularly, and become penny stocks as their share prices are in freefall. That exact pattern can be observed in British esports solution provider Gfinity’s latest financial report. In its unaudited earnings report for the six-month period ended Dec. 31, 2022, Gfinity highlighted a...