Texas real estate developer Lee Zieben has agreed a US$40 million deal with Immortals Gaming Club (IGC) to purchase Overwatch League (OWL) franchise the Houston Outlaws, according to ESPN.
The US media outlet reports that Zieben currently has a binding letter of intent with IGC for the purchase, with the deal expected to go through at the end of August. Zieben will also require the approval of the OWL to complete the acquisition.
ESPN’s report added that, if completed, the agreement will see Zieben pay US$30 million in cash and securities for the Outlaws’ franchise slot and assume the US$10 million debt in remaining payments to the OWL.
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IGC has been looking for a buyer for the Outlaws since taking control of the team in June as part of its US$100 million acquisition of Infinite Esports from Texas Rangers co-owners Neil Lebman and Ray Davis.
The OWL does not allow any single entity to have equity in more than one franchise, meaning Immortals, which already owns the Los Angeles Valiant, are required to offload the Outlaws in order to comply with league rules. IGC has been operating both the LA Valiant and the Outlaws on an interim basis under strict league oversight.
The deal sees the Outlaws split from OpTic Gaming for the first time. OpTic was also acquired by IGC as part of its agreement with Infinite, which saw the company take control of the organisation’s franchise in Riot Games’ League of Legends Championship Series (LCS).
Texas real estate developer Lee Zieben has agreed a US$40 million deal with Immortals Gaming Club (IGC) to purchase Overwatch League (OWL) franchise the Houston Outlaws, according to ESPN.
The US media outlet reports that Zieben currently has a binding letter of intent with IGC for the purchase, with the deal expected to go through at the end of August. Zieben will also require the approval of the OWL to complete the acquisition.
ESPN’s report added that, if completed, the agreement will see Zieben pay US$30 million in cash and securities for the Outlaws’ franchise slot and assume the US$10 million debt in remaining payments to the OWL.
IGC has been looking for a buyer for the Outlaws since taking control of the team in June as part of its US$100 million acquisition of Infinite Esports from Texas Rangers co-owners Neil Lebman and Ray Davis.
The OWL does not allow any single entity to have equity in more than one franchise, meaning Immortals, which already owns the Los Angeles Valiant, are required to offload the Outlaws in order to comply with league rules. IGC has been operating both the LA Valiant and the Outlaws on an interim basis under strict league oversight.
The deal sees the Outlaws split from OpTic Gaming for the first time. OpTic was also acquired by IGC as part of its agreement with Infinite, which saw the company take control of the organisation’s franchise in Riot Games’ League of Legends Championship Series (LCS).
