The deal assists an Australian company in its foray into the UK and European markets
Game Legal has advised Australian sports and e-sports investment and advisory firm Guinevere Capital on a cross-border e-sports partnership deal that will support the latter’s foray into the UK and European markets.
Guinevere Capital enters into a strategic partnership with US e-sports organisation Cloud9, helping Cloud9’s Overwatch League team London Spitfire in its operations. It capitalises on the growing popularity of the Overwatch League, which is composed of 20 city-based teams from all over the world.
The London Spitfire team was the inaugural winner of the first Overwatch League Grand Finals in 2018. Game Legal said that according to game publisher Blizzard, an audience estimated at over a million people were watching the Grand Finals “at any time, between broadcast and streaming formats, with a total viewership of over 10.8m.”
The partnership strengthens Guinevere Capital’s focus on the e-sports market, as well as its goal to develop local e-sports ecosystems, Game Legal said.
“When we connected with the team at Guinevere, their backgrounds in traditional sports, media, and e-sports in Europe, this convinced us that they’d be the right partner to build the business with. Local support will ensure the team grows from a commercial and community standpoint,” Cloud9 President Dan Fiden said.
Under the terms of the agreement, Cloud9 retains ownership of its franchise via Kings Row LLC, the organisation’s fully owned subsidiary.
David Harris, Guinevere Capital managing director, said that the chance to collaborate with London Spitfire would enable the company to “work across two major British brands, cementing ourselves within the region.”
“My ambition is to help develop the UK and European e-sports ecosystem and to help organisations such as London Spitfire and British Hurricane, two immensely talented teams, stand out from the crowd, have their voice heard amongst the community and to gain the attention of brand partners,” Harris said.
Mat Jessep, principal of Game Legal, assisted Guinevere Capital as legal adviser and counsel on all aspects of the cross-border transaction, including publisher approvals, over a period of several months to structure the partnership appropriately.
“It's been a pleasure to assist and advise Guinevere Capital on its international expansion into the UK and Europe over the past several years. This new deal and the strategic partnership with Cloud9, one of the biggest and most professionally run e-sports organisations in the world of competitive gaming, sets Guinevere Capital and London Spitfire up for continued success,” Jessep said.