Two of the largest esports tournament organisers, ESL and FACEIT, have been purchased by Savvy Gaming Group for $1.5 billion. Formerly owned by The Modern Times Group, ESL and its many tournaments across various esport titles will now change hands.
The Savvy Gaming Group is backed by the Saudi Arabian government’s Public Investment Fund, and will now lead both companies in this new chapter.
ESL hosts countless notable events across both CS:GO and Dota 2, including the ESL Pro League, Intel Extreme Masters, and ESL One.
FACEIT is similarly a leading third party tournament organiser for titles such as CS:GO and Rainbow 6 Siege. Though the companies are merging, the leadership will relatively remain the same.
According to the official website of the newly-founded ESL FACEIT Group, the two entities will continue to coexist in the esports ecosystem.
The ESL FACEIT Group has announced a number of details regarding the upcoming changes to the CS:GO competitive ecosystem, most notably the ESEA and FACEIT. It will aim to promote more stability for North American CS:GO through new incentives for professional teams, and support the development of local scenes and grassroots esports. The new company also says it will invest heavily in a path-to-pro for up-and-coming players.