Denmark-based North Esports has been dissolved following its parent companies’ decision to stop investing in the esports space due to the negative financial impacts of the COVID-19 pandemic, the organization announced today.
The original press release, in Danish and machine-translated to English, said that North’s investors, Danish entertainment companies Parken Sport & Entertainment (PS&E) and Nordisk Film, made the joint decision so they could “focus on their core businesses.”
Lars Bo Jeppesen, chairman of North and director of PS&E, said efforts were made to seek out more co-investors, but no suitable matches were found.
“[North] will require significant continued investment to create a sustainable business in the future,” Jeppesen said. “There is still potential in esports and gaming, but the time horizon is long and uncertain.”
Jeppesen also said the COVID-19 pandemic has significantly impacted the esports and sports industry at large, further affecting the financial viability of keeping North afloat.
Prior to its dissolution, North had rosters in CS:GO, Apex Legends, and FIFA. Its FIFA roster will be taken over by the affiliated FC Copenhagen and will continue to take part in the eSuperliga, while North’s other activities will be discontinued gradually in the near future.
