In a statement signed by CEO Chris DeAppolonio, the organization pointed to the economic state of the industry:
Esports continues to face significant headwinds, including limited sponsorship and the rising cost of competing at the top level. Despite sustained investment and the dedication of the EG team, it’s been concluded that the business cannot be operated responsibly in the current environment.
DeAppolonio said the past few years were spent rebuilding the org, stabilizing operations, restoring public sentiment and expanding into new titles and content creation, but that this was not enough to make the business sustainable.

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