North Esports to dissolve due to COVID-19 financial impact
Due to the economic effect of the COVID-19 pandemic, the founders of North Esports have confirmed that the Danish organization will cease to function.
North Esports is a partnership between media company Nordisk Film and Danish football club F.C. Copenhagen proprietor Parken Sport & Entertainment. The parent corporations nevertheless reported that the detrimental financial impacts of the global pandemic resulted in avoiding investing together in the esports space.
North coached teams and players in many games. Their Counter-Strike: the C.S.: G.O. team has won a number of DreamHack competitions, and their teams have also completed apex Legends and FIFA.
The announcement states that the FIFA players will remain under F.C. Copenhagen's direction to stay part of the famous eSuperliga while the other teams will gradually disband.
Lars Bo Jeppesen, CEO of Parken Sport & Entertainment, mentioned in a statement that the company scanned the market to bring one or more co-investors on board. However, it still hasn't found the right match, unfortunately. It will require continued major investment to develop a stable business in the future, and thus he thinks that the only obligation for the business overall is to fixate all on its main business in F.C. Copenhagen, Parken, and Lalandia, much like Nordisk Film, will fixate on its vast core and growth enterprises.
It remains uncertain if a reopening is realistic after Covid-19 to bring its customers back. E-sport and gaming still have potential, but the time frame is long and unpredictable. The company's assessment shows that Covid-19 has shifted the time horizon to the future as both the esport sector and the whole of this sports industry are financially hard hit.
While this may be sad news for some lovers of esports, it isn't the end of the world. It remains possible to bet on your favourite esports. Many players may also find interest in the .
Despite the hit from COVID-19, the gambling industry is managing to recover slowly, indeed. Hopefully, more companies manage to stay afloat, and others like North Esports find their way back to a stable environment.