The Israeli esports organization Team Finest recently announced it was shutting down operations. This somewhat surprising decision was reached just a few months after the company acquired Monaco Esports in a $10 million deal as part of the business’ expansion plans.
“This was not something we foresaw happening a couple of weeks back but rather one that was forced on us after key investors backed out of making further investments into the company,” the organization said in a TwitLonger post. “This was all due to macro-economic situations the world is presently facing and the fact that owning an esports team is still a very speculative investment.”
Team Finest was acquired by RadarZero in 2020 and actually found success striking a number of partnership deals with big-name companies like Logitech, Samsung, and Pizza Hut. At this time, the company is hoping to pivot towards “technologies, products, and services.”
Team Finest was founded in 2019. The organization used to support teams competing in hit titles like VALORANT, CS:GO, and FIFA.