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GameSquare completes $10.36m sale of Complexity gaming to Investor Group led by Jason Lake

Posted : 01 March 2024

GameSquare, the North American esports conglomerate, has finalized the sale of Complexity Gaming to an investor group led by Complexity's founder and CEO, Jason Lake. The deal, valued at $10.36 million, includes the acquisition of Complexity's assets, intellectual property, and its esports team by Global Esports Properties.


The sale resolves concerns about GameSquare owning two rival North American esports organizations, FaZe Clan and Complexity, as Complexity is now divested ahead of the impending FaZe Clan merger. The transaction is pending approval from the TSXV stock exchange, following the signing of a Membership Interest Purchase Agreement.


Founded by Jason Lake in 2003, Complexity was acquired by GameSquare for $27 million in 2021. The potential buyback by Jason Lake was first reported by HLTV in 2023. GameSquare, established in 2011, is a notable esports conglomerate owning various entities in the esports sector, including Zoned Gaming, Code Red Esports agencies, live stream analytics company Stream Hatchet, and merchandise business Mission Supply.


Complexity's CEO, Jason Lake, expressed excitement about the opportunity, acknowledging the collaborative success with GameSquare over the years. Lake emphasized the growth in Complexity's revenues and the establishment of a financially stable organization. The sale marks a significant moment in Complexity's history, and Lake is confident that loyal fans will enjoy the forthcoming chapters.


Additional financial details regarding the Complexity purchase were disclosed by GameSquare. Global Esports Properties will pay GameSquare $750,000 upon the transaction's closure. A three-year seller finance note, totaling approximately $9.61 million, has been signed between GameSquare and Global Esports Properties.


This note will incur a 3% annual interest, payable by GameSquare as a balloon payment at the end of the term. Furthermore, GameSquare retains the right to receive 50% of the proceeds from any equity raised by Jason Lake's investor group exceeding $500,000, credited against the seller-financed note balance.


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