Guild Esports board is ‘reviewing the strategic direction of the company’ and is considering selling assets or being acquired.
It’s testing times for the UK esports organisation. In June they Guild said they were seeking additional funding after making another loss in their latest financial results.
And in an update posted this morning, the UK esports organisation said they have a cash position of just £25,000 as at July 31st 2024.
They owe £1.36m until the end of September, and are owed £1.52m.
Guild are exploring options to meet their short-term debts, including securing additional funding, negotiating improved payment terms with creditors, and further cost reduction initiatives.
Guild said in a company update this morning:
“In addition to the fundraising avenues, the board is reviewing the strategic direction of the company, including the realisation of assets to generate cash or whether the company would be best served by being part of a larger group.”
Guild Esports
The public statement comes after Esports News UK had heard about financial challenges Guild have been facing.
The news comes amidst the so-called ‘esports winter‘, with several tournaments, companies and teams announcing redundancies, closures or mergers in recent years, as the industry looks towards a more sustainable future.
In late June 2024, Guild said they had ‘adapted their esports strategy to take a more flexible approach to entering and exiting different esports’. For example, Guild have been competing in the $60m Esports World Cup in Saudi Arabia.
Jasmine Skee, Guild Esports CEO, said in late June: “Our focus remains on executing the company’s existing commercial strategy and positioning it for long-term growth. Our partnerships, such as with Subway UK and Sky Broadband, along with our new initiatives in the Esports World Cup Program, underscore our commitment to innovation and industry leadership.
“We are cautiously optimistic that our efforts will continue to drive growth and success as we navigate through the remainder of 2024 and beyond.”
Guild announce partnership with Regen eyewear
In a separate announcement today, Guild Esports said they had entered into a partnership agreement with Inspecs Ltd, a designer and manufacturer of eyewear, which names Regen, an Inspecs brand, the Official Eyewear Partner of Guild Esports.
The terms of the deal are subject to commercial confidentiality and the total contract value is payable in cash. Under the terms of the agreement, Guild will feature Regen products in various promotional activities including social media content and behind-the-scenes videos.
Guild’s professional Apex Legends players will be the first roster to wear Regen-branded jerseys, starting from today, when they compete at Esports World Cup (EWC).
Guild’s professional players will test and have the option to wear Regen’s glasses during training sessions and professional competitions. Regen’s glasses will additionally be made available for players using the Guild Simulator Facility at the Sky Guild Gaming Centre.
Regen said the glasses ‘have been specifically designed for gaming, with a key focus on health, comfort, and elevating the overall gaming experience. The glasses feature blue-light-blocking lenses intended to allow gamers – both professional and casual – to play for longer by reducing the strain on their eyes. The initial feedback from Guild’s professional players of Regen’s products has been highly positive.’
Jasmine Skee, CEO of Guild Esports, commented: “Guild’s players need the best equipment if they are to compete at the highest levels of esports. Professional gamers spend hours each day training, which can place strain on their eyes. By partnering with Regen, not only are we bringing money in the door, but its glasses will also allow our players to compete at their best for longer. We’ll be cheering on our Apex Legends team at the EWC, with Regen proudly on their jerseys.”
Steve Tulba, Managing Director of Inspecs Ltd, added: “This partnership with Guild Esports marks an exciting chapter for Regen. Our eyewear is designed to meet the unique needs of gamers, and we are confident that Guild’s players and fans will experience the benefits firsthand. We are committed to supporting the esports community and helping players achieve their best performance.”
Dom is an award-winning writer and finalist of the Esports Journalist of the Year 2023 award. He graduated from Bournemouth University with a 2:1 degree in Multi-Media Journalism in 2007.
As a long-time gamer having first picked up the NES controller in the late ’80s, he has written for a range of publications including GamesTM, Nintendo Official Magazine, industry publication MCV and others. He worked as head of content for the British Esports Federation up until February 2021, when he stepped back to work full-time on Esports News UK and offer esports consultancy and freelance services. Note: Dom still produces the British Esports newsletter on a freelance basis, so our coverage of British Esports is always kept simple – usually just covering the occasional press release – because of this conflict of interest.
