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T1 Entertainment & Sports Seeks $35 Million to Expand Operations

Posted : 27 November 2024

T1 Entertainment & Sports, a leading South Korean esports organization, has announced its plans to raise $35 million (~£27.8 million) to support its expansion efforts. CEO Joe Marsh shared that a portion of the funding will be allocated to the development of the T1 Base Camp, a PC gaming café that opened earlier this year in Seoul.

 

 This move comes after T1's historic fifth win at the League of Legends World Championship, which the company hopes to leverage for its biggest expansion to date.

 

Marsh emphasized that gaming cafés are a profitable venture for the organization, describing them as a "revenue-generating, cash-flow business." T1 plans to extend this model to other regions, with potential new locations in Japan, Vietnam, Singapore, and China.

 

Since its debut, the T1 Base Camp has already gained significant success, becoming the top PC gaming café in South Korea.

 

In addition to expanding its café network, T1 aims to grow its live events business. The organization hosted its first homestand matches at the Goyang Sono Arena, a 6,200-seat venue, where they generated over $1 million (~£794,000) from ticket sales, food and beverages, and merchandise.

 

T1's success in hosting official League of Legends fixtures in front of a live audience has opened the door for potential international expansion of these events, contingent on Riot Games' approval.

 

This funding round marks T1’s first capital raise since the organization rebranded from SK Telecom T1 to T1 Entertainment & Sports in 2019, a joint venture between South Korean telecom giant SK Telecom and U.S.-based Comcast Spectacor. Marsh also hinted at an upcoming live event centered around T1's star player, Lee ‘Faker’ Sang-hyeok, though further details were not disclosed.

 

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