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Enthusiast Gaming denies interest in FaZe Clan acquisition

Posted : 26 July 2023
Enthusiast Gaming, the esports and media holding company, has refuted the recent report suggesting its interest in acquiring FaZe Clan, a North American esports organization. In an email response to Esports Insider, a spokesperson from Enthusiast Gaming stated that they have not made any offer to acquire FaZe Clan and have no plans to do so.
 
Although an official offer was not submitted, it is implied that Enthusiast Gaming might have engaged in discussions with FaZe Clan, as reported by Sports Business Journal. However, the company's statement suggests that they have decided against pursuing an acquisition.
 
On the other hand, GameSquare Esports, which was also mentioned in the previous report, refrained from providing any comments on the acquisition discussions. Likewise, FaZe Clan chose not to comment on the matter.
 
Both Enthusiast Gaming and FaZe Clan are publicly-listed companies on the NASDAQ, with the former holding several esports and gaming assets, including Luminosity Gaming, Seattle Surge (Call of Duty League franchise), Vancouver Titans (Overwatch League team), EV.IO (a blockchain game), and multiple gaming websites.
 
Since its listing in July 2022, FaZe Clan has experienced internal and financial challenges, reporting a net loss of $14 million in Q1 2023. Furthermore, its stock value has significantly decreased from $1.74 at the beginning of January to the current price of $0.39, despite ongoing competitive successes in the esports scene.

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