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Complexity Reacquired by Jason Lake for US$10.36 Million
GameSquare Holdings, Inc. announced today the sale of Complexity Gaming to Global Esports Properties, LLC for a total consideration of US$10.36 million. The investor group is led by none other than Complexity's founder and CEO, Jason Lake.
This transaction follows a remarkable period of growth for Complexity, with annual sales soaring by over 175% from 2021 to 2022 under GameSquare's ownership.
The official Membership Interest Purchase Agreement, signed on March 1, 2024, is poised to close shortly, pending TSXV approval for the transaction. The move is part of GameSquare's broader asset optimization strategy, aligning with its imminent acquisition of FaZe Holdings.
Complexity's phenomenal growth under GameSquare
Complexity, operating as NextGen Tech, LLC, experienced a transformative period during GameSquare's ownership. Annual sales surged, marking an impressive 175+% increase, accompanied by a remarkable tenfold rise in aggregate social followers from 2021 to 2022. This outstanding growth positioned Complexity as a leading force in the esports landscape.
GameSquare CEO, Justin Kenna, expressed mixed sentiments about the sale, stating, "While it is bittersweet to sell Complexity, there is no one better suited to take over than Jason and his team." Kenna emphasized the strategic nature of the move, citing the optimization of GameSquare's platform ahead of the pending FaZe acquisition.
Jason Lake's epic return
For Jason Lake, the reacquisition of Complexity marks a pivotal moment in the organization's history. Lake had previously sold the organization to the Dallas Cowboys owner Jerry Jones in 2017. The latest transaction sees Lake and a group of investors paying a noteworthy sum of $10.36 million to regain control of Complexity.
Expressing gratitude and excitement about the opportunity, Jason Lake stated, "It's now time to write the next chapter in our legendary story, and I'm confident our loyal fans will greatly enjoy the years ahead." Lake's return to sole control of Complexity comes after nearly seven years away, marks the second time he has had to re-acquire the organization.
Optimizing for future success
The transaction, in summary, aligns with GameSquare's strategic moves in the esports industry. Jason Kenna shed light on the broader picture, linking the sale of Complexity with the December 2023 divestiture of Frankly radio assets. This optimization aims to bolster GameSquare's platform in anticipation of the pending FaZe acquisition, expected to close in the coming weeks.
Kenna emphasized the win/win nature of the deal for Complexity, Global Esports, GameSquare, and the global esports leagues where Complexity and FaZe compete. The sale is particularly pertinent given the regulatory landscape around ownership of multiple teams in various leagues.
A look ahead for Complexity
As Complexity embarks on a new chapter under Jason Lake's leadership, the organization undoubtedly faces fresh opportunities and challenges. Today also marks the beginning of this journey, as Complexity plays their opening PGL Major Copenhagen Americas RMR match against Elevate as an independent organization.
The esports community eagerly anticipates the unfolding narrative of Complexity's future, with Jason Lake also steering the ship back into familiar waters. As the sale finalizes, eyes look to the impending FaZe acquisition and the potential synergies that could replicate the success witnessed during Complexity's tenure under GameSquare. Read the original statement here.
Featured image credits: Complexity Gaming
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