ESL is one of the oldest esports companies in the world. The German esports organizer and production company can trace its roots to a time when the term "esports" did not even exist. From humble beginnings, ESL later established itself as the largest esports company in the industry. Now, ESL is primed to get a massive infusion of cash after the Savvy Gaming Group acquired the company as well as FACEIT for a combined total of $1.5 billion.
According to the German news site Handelsblatt, the Saudi-backed Savvy Gaming Group has acquired ESL Gaming GmbH. Former Activision Senior Vice President Brian Ward is currently at the helm of the Savvy Gaming Group. However, the group's financial backer is the Saudi Arabia Public Investment Fund. On top of this, the Savvy Gaming Group has also acquired the London-based esports tournament organizer, FACEIT.
The Saudi PIF has made several big acquisitions in recent months. Case in point, the Saudi PIF acquired the Newcastle United Football Club last October. Not only that, but the Saudi PIF is reportedly looking to acquire Inter Milan and Marseille as well, among other soccer clubs. But, when it comes to the esports space, ESL and FACEIT are Saudi PIF's first investments.