The ownership group of North Esports announced Friday that the Danish organization will be dissolved due to the economic impact of the COVID-19 pandemic.
Founded in 2017, North was a join venture between entertainment company Nordisk Film and Danish football club FC Copenhagen owner Parken Sport & Entertainment. However, the parent companies said the negative financial impacts of the global pandemic led to a decision to discontinue investing in the esports space together.
North fielded teams and players in several games. Their Counter-Strike: Global Offensive (CS:GO) team won multiple DreamHack events, and the organization also competed Apex Legends and FIFA. According to the announcement, the FIFA players will stay under the direction of FC Copenhagen to remain a part of the eSuperliga while the other teams will be gradually dissolved.
"We have searched the market to get one or more co-investors on board, but unfortunately have not found the right match," Parken Sport & Entertainment CEO Lars Bo Jeppesen said in a statement, translated from Danish. "It will take significant continued investment to create a sustainable business in the future and therefore we believe that the only responsibility for our overall business is to focus all on our core business in F.C. Copenhagen, Parken and Lalandia, just as Nordisk Film will focus on its large core and growth businesses.
"It's still uncertain when a reopening after Covid-19 is realistic so we can get customers back. There is still potential in e-sports and gaming, but the time horizon is long and uncertain, and Covid-19 has moved the time horizon further into the future according to our assessment, as both esports and the sports industry as a whole are hit hard financially."
--Field Level Media