❘ Published: 2022-10-06T16:57:33
❘ Updated: 2022-10-06T17:00:07
Israeli esports organization Team Finest has announced that it is pulling the plug on its professional esports operations, citing the current economic climate.
In a Twitlonger post, Team Finest said that the decision was made after “key investors backed out of making further investments into the company.” The Israeli organization was acquired in 2020 by media company RadarZero and had since struck partnerships with a number of prestigious non-endemic companies, including Logitech, Tezos, Samsung and Pizza Hut.
In March 2022, Team Finest acquired Monaco Esports in a deal worth $10 million as part of their expansion plans. The move came six months after appointing Rotem Kamer, the former CEO of the Israel Football Association, as the company’s new CEO. Mr. Kamer stepped down from the role in August, according to his LinkedIn profile.
“It is with a heavy heart, but after nearly two years of successful esports operations and building up of the Finest brand and community, we are shutting down our professional esports operations,” the Israeli organization said in a statement.
“This was all due to macro-economic situations the world is presently facing and the fact that owning an esports team is still a very speculative investment.”
Finest added that it is “looking to continue operating within the gaming and esport industries”, although it will “pivot into technologies, products, and services.”
In the wake of the news, Finest’s Valorant team has announced that it will continue to compete under the temporary name ‘Bonk’ until it finds a new organization.
Finest’s CS:GO team, which had recently picked up Polish AWPer Aleksander ‘hades’ Miskiewicz from ENCE on loan, will finish out the tournaments it has left, with its future beyond that looking uncertain.