Rick Fox buys League of Legends competitive team
By Phil Naegely
Competitive gaming teams are on the rise and former NBA Star Rick Fox is looking to make money off of a League of Legends team.
While professional sports have been popular for many decades, there’s a new fad taking the nation and world by storm: competitive gaming. It’s a lucrative business model for teams that do well. Former NBA star Rick Fox has taken notice as he has bought an ESports League of Legends team for reported one million dollars. The current ESports team Gravity will be renamed Echo once Fox’s acquisition is finalized, according to Darren Rovell.
Competitive gaming and its profits is expected to grow exponentially due to its large fan base. As written by Bloomberg Business, “The overall global audience is estimated at more than 200 million, mostly outside the U.S., according to an October report from brokerage firm Robert W. Baird & Co. Overall revenue is expected to grow from around $300 million this year to $1 billion by 2018.”
It’s not surprising that someone like Fox would want to invest in a competitive gaming team. ESPN has aired multiple League of Legends matches to the chagrin of fans looking for traditional sports, while Turner Broadcasting System Inc. will be airing Counter Strike: Global Offensive league matches on its network during the Summer 2016.
Fox is excited about the potential and growth of eSports as he readies to purchase this team.
“I see the way that the eSports world is growing and I know we are on the verge of something massive,” Fox
.
It will be interesting to see how Fox’s investment pays off and if other former professional athletes follow suit down the line.