Los Angeles. California, Aug. 04, 2019 (GLOBE NEWSWIRE) -- News source BV Rating has announced that Echo Fox has managed to successfully sell its League of Legends Championship Series slot for $30.25 million according to a recent BV Rating report followed by an ESPN announcement about the pending deal. The buyer Kroenke Sports and Entertainment, a company that is best known for its ownership of actual sports teams but which is now diversifying its assets by purchasing their first eSports company. The deal is a big win for Josh Kroenke, the Kroenke Sports and Entertainment executive who has long pushed for his firm to invest in  the every growing and expanding eSports world.

It's also a big win for Rick Fox and his Echo Fox team, which was in danger of losing its League of Legends championship series slot if it couldn't find a buyer after recent news from UpComer.com came out leaking the true details of the Amit Raizada & Rick Fox debacle that has unfolded recently.

As a direct result of recent stir ups at Echo Fox and from a heated exchange via email between Amit Raizada and Jace Hall led to Echo Fox and Rick Fox to push for a removal requested by League of Legends developer Riot Games for a sale within 60 days.

This deadline was extended after Amit Raizada, and Echo Fox came up with a proposal to transfer Raizada's shares to an entity; however, the new Kroenke deal would make the share transfer obsolete as Kroenke Sports & Entertainment would take full ownership of the company.

The sale has yet to be finalized as LCS needs to review the sale and give its final stamp of approval for it to go through. However, a decision is expected soon as LCS commissioner Chris Greeley is meeting with the ownership group in the next few days. If the sale does not go through, LCS would take over the sale process for the slot in question. However, it appears for now that there are no serious obstacles to Kroenke Sports and Entertainment buying out Echo Fox' LCS slot. All that remains for now is for the company to transition successfully to its new owners so that it ready for this next years' season.

In the end it looks like a successful exit for the partners Stratton Sclavos, Rick Fox, and Amit Raizada thanks to the Kroenke Sports Buyout while dealing with the fallout with Rick Fox and Amit Raizada who had allegations of a figurative gun being held to the teams head to sell the company while recent eSports news has come out to the contrary debunking some of the previous claims prior to the acquisition announcement.   

About BV Rating

BV Rating is a consumer news site and review platform that provides users a place to follow the latest stories and which companies are safe to work with and which companies are not.

About Kroenke Sports

Kroenke Sports is an American sports and entertainment holding company based in Denver, Colorado who owns multiple professional sports franchises.

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