Time:  22:42:12 CET  13:42:12 PST  16:42:12 EST  06:42:12 Seoul  05:42:12 Beijing
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CEI faces bankruptcy, PGL could soon be history
China E-sports Interactive is on the brink of bankruptcy after its biggest shareholder Turtle Entertainment ceased to provide financial support of late.
By Ran 'FoReVeR_ManUtd' Liu
Mar 16, 2009 13:34
China E-sports Interactive is on the brink of bankruptcy after its biggest shareholder Turtle Entertainment ceased to provide financial support of late.China E-sports Interactive is an enterprise with investment sponsored by China Venture Labs and Turtle Entertainment. The Professional Gamer League, one of CEI’s flagship products, is renowned for its enormous prize pool.
However, under the current global recession, running such a high profile competition seems unrealistic for bankruptcy-threatened CEI. The enterprise has been in deep financial trouble since scrambling to host the PGL Season IV in early January this year, and the situation is nothing but worsened after ESL's latest move.
CEI is reported to have hit the stop button on all running operations, laid off the majority of its staff, and is struggling to maintain its existence. Should CEI receive no new funds in the near future to pay stacking debt, owed staff’s wages and deliver players’ prize money, it will lose its right to undertake PGL.
However, under the current global recession, running such a high profile competition seems unrealistic for bankruptcy-threatened CEI. The enterprise has been in deep financial trouble since scrambling to host the PGL Season IV in early January this year, and the situation is nothing but worsened after ESL's latest move.
CEI is reported to have hit the stop button on all running operations, laid off the majority of its staff, and is struggling to maintain its existence. Should CEI receive no new funds in the near future to pay stacking debt, owed staff’s wages and deliver players’ prize money, it will lose its right to undertake PGL.
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PGL and CEI might be going bankcrupt, but there will always be new companies on the rise.
Technology just advances etc so its gonna be bigger in the future (hopefully).
Didnt mean any particular company, which would rise.
however i hope sc2 release coincides with change in the economy, bring new life to e-sports (it better be good)
i think and hope that cs maintains most big competitions through recession
gogo ! :D
it doesn't mention ESL is struggling... i hope?
"struggling for cash" sounds a bit to harsh imo
Esports: GH!!
Credit Crunch: Gh, GL
so CEI is owned by ESL(Turtle Entertainment) and ChineseVentureLabs and has the license to run PGL?
if they will go bancupt shouldn´t it be easy for ESL to give the license for the PGL to another company?
i don´t see why this should be so bad for esports in china..