Guild Esports, and an unnamed European fintech company canceled their partnership. According to Market Watch, the company’s shares fell 9.3 percent as a result of the news.
The partnership between Guild Esports and the fintech company has been running since October 2020. The partner firm was required to provide the Guild with annual fees of £1.1 million for the first year, £1.2 million for the second year and £1.3 million for the third year. This amounted to £3.6 million in total. The organization had previously announced that the sponsor’s identity would be announced in November 2020.
According to Guild Esports, the fintech company would begin payments at the official global launch date. The company announced that no clear timeline was given for the launch that is stated and no payments were made.
We have been very accommodating and patient about this contract. But have decided to terminate it due to increasing uncertainty over their launch plans. We are in active negotiations for new sponsorship deals. We look forward to announcing these soon.
Kal Hourd, chief executive of Guild Esports
Guild Esports entered the second half of 2021 with an unlucky partnership attempt. On the other hand, they continued to work with their other partners. In this context, they made partnership attempts with different brands. The British-based organization has partnered with popular names like Subway, HyperX and Samsung.
As a result, organization canceled the fintech partnership due to ‘delays in the launch of the sponsor and non-payment of the sums‘. We will probably never find out who this mysterious partner is. For now, all we know is that Guild Esports is looking for new partnerships.
