X7 Esports organization leaves the industry

Island esports organization X7 Esports has announced its retirement from the industry. As it became known to the Esports Insider portal, the club failed to raise enough capital to continue its existence. As a result, the company will close its doors soon, but will help its employees find new jobs.

Today, I'm writing this article to share important news about X7 Esports' status as a startup, brand, and community. The short takeaway is that, unfortunately, we no longer see a viable path for X7 Esports as a business. As a result, we will wind down the company's activities in the coming weeks.

I would like to take this moment to reflect on all that our incredible staff and players have achieved since our inception, and to tell you candidly about how we got here.

Josh Kingett, founder and CEO of X7 Esports

It is reported that the X7 Esports organization made attempts to attract investments in January and April of this year, but all attempts were unsuccessful. According to Josh Kingett, CEO and founder of the club, X7 Esports will be voluntarily liquidated. Thus, any remaining funds held by the organization will be "prorated to its creditors in the coming weeks." Moreover, the club will try to help current employees when it comes to moving to other companies.

X7 Esports was founded in the summer of 2014. The Isle of Man-based organization recently acquired London Esports and last year bought out other British organizations Absolved and Bulldog Esports. She previously held sponsorship with the Isle of Man government.

X7 Esports is the latest in a long line of esports organizations that closed their doors in 2022. This includes organizations such as Team Finest, Rix.GG and cowana Gaming