Gfinity PLC on Tuesday said that it has sold the remaining business and assets of its former Esports Solutions division.
Earlier in June, the London-based e-sports and gaming services firm told investors that it had decided to close down the division, as the market for esports had failed to pick up since February and there were limited profitable growth opportunities.
Ingenuity Loop Ltd has now agreed to buy the remaining business and assets of the Esports Solutions division for an upfront cash payment of £15,000 and a 15% equity interest in the buyer.
According to the terms of the agreement, Ingenuity has an option to buy Gfinity’s 15% interest in Ingenuity for £200,000 in cash at any time in the first year after the sale has completed.
Further, Neville Upton, the non-executive chair of Gfinity, has agreed to join Ingenuity Loop as chief executive and will not receive a salary until Ingenuity Loop is profitable. In return, Upton will have an equity interest of 42% in Ingenuity on completion.
Gfinity shares were trading 4.0% lower at 0.060 pence each in London on Tuesday at midday.
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