According to sources who confirmed to Sports Business Journal, Team SoloMid (TSM) is facing one of the toughest financial crises in its history, according to reports, the mythical North American organization, established mainly in the city of Los Angeles, would be considering the possibility of pausing the activities of a large number of teams esports (not to say all), among which is the renowned squadron of League of Legends who competes in the League Championship Series (LCS), the tournament of Lol most important in the American continent.
Since June 2021, TSM had a 10-year agreement with FTX (one of the largest cryptocurrency platforms) involving the organization’s name rights esport in exchange for $210 million. The North American team had signed the most lucrative agreement in the history of esports and everything was rosy for them until in November 2022, the mega platform of «crypto» announced bankruptcy and cessation of activities. According to the information that he disseminated Sports Business Journalthis meant a very hard blow to the stability of TSM.
The curious thing is that after the bankruptcy of FTX, TSM issued a statement stating that «TSM it is built on a solid foundation. We are stable, profitable and continue to forecast profitability for 2023. We look forward to a great year«. The North American giant could get out of this crisis, however everything seems to indicate that the pause of activities in almost all of its different squads esports would be the only viable way.
—Kevin Hitt (@Kevin_Hitt) March 31, 2023
TSM’s difficult 2023
Far from being stable and profitable as they themselves established just a few months ago, TSM 2023 began in the worst possible way and this measure to pause the activities of the teams would not be the first one they have taken in search of a North. 2023 has just begun, but the chaos behind the doors of the North American organization is abysmal. In March Walter Wang, who has been the Head of Operations of TSM for the last six years has stepped aside, as has the successful squad of Rainbow 6 with which TSM won a major, he Six Invitational and various regional tournaments.
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