The North American esports organization TeamSoloMid (TSM) will be pausing most of its esports efforts across several titles, including the LCS.
TSM might not continue participating in esports competitions
As first reported by Sports Business Journal, TSM might not their operations across several game titles, one of them potentially being the League of Legends Championship Series (LCS), who just ended the Spring Playoffs.
TSM has always been one of the most popular and leading esports and lifestyle organizations within the sector, with competing rosters across Valorant, Fortnite, Apex Legends, and many others. Sources close to SBJ have claimed that TSM took a big financial hit when its 10-year, $210 million naming rights deal with FTX disappeared after the crypto brand infamously went belly up. That deal was the most lucrative of all the esports sponsorships.
This might be the final straw of the dark period of the organization, which saw several staff members, as well as the COO and the VP of Esports operations, leaving in the past months. Despite the organization publicly stating that they were stable and profitable, it seems like they are struggling more than intended: “TSM is built on a solid foundation. We are stable and profitable, and we continue to forecast profitability for this year, next year, and beyond. We look forward to a great year in 2023.”
Many other esports organizations have announced multiple layoffs in what is currently considered a worldwide resizing in fear of a potential economic recession. Recently, FaZe Clan reported a total loss of $53.2 million, raising alarms with increasing risks of being de-listed.
According to SBJ, TSM will continue to focus on its Blitz application, a tool that helps video game players develop in-game skills and strategy in titles such as League of Legends, Valorant, and more.