According to the German news site Handelsblatt, the Saudi-backed Savvy Gaming Group has acquired ESL Gaming GmbH. Former Activision Senior Vice President Brian Ward is currently at the helm of the Savvy Gaming Group. However, the group’s financial backer is the Saudi Arabia Public Investment Fund. On top of this, the Savvy Gaming Group has also acquired the London-based esports tournament organizer, FACEIT. The Saudi PIF has made several big acquisitions in recent months. Case in point, the Saudi PIF acquired the Newcastle United Football Club last October. Not only that, but the Saudi PIF is reportedly looking to acquire Inter Milan and Marseille as well, among other soccer clubs. But, when it comes to the esports space, ESL and FACEIT are Saudi PIF’s first investments. According to Newzoo’s Global Esports Market Report, the industry’s global revenue hit almost $1 billion in 2019. Although the pandemic affected in-person events and made LAN tournaments difficult if not impossible, the global esports market continued to grow. The same forecast and analysis resource suggests that the industry will generate around $2 billion in revenue this year. If this happens, the Savvy Gaming Group will be one of the biggest beneficiaries. By acquiring FACEIT and ESL, the Savvy Gaming Group now owns three of the largest esports companies in the world. Although both companies operate independently, ESL is the parent company of DreamHack. The Swedish company is the group behind the world’s largest LAN party and computer festival, which is u usually held in Western Europe and North America. As a growing multi-billion dollar market, Savvy Gaming Group’s investment puts it in a good position to take advantage of the industry’s uptrend.
