Carmac: "It's very much going to be the same ESL and FACEIT, and if it's not, then we should absolutely be judged for that"

ESL's VP of Product Development Michal "Carmac" Blicharz spoke to HLTV.org to talk about the future of ESL FACEIT Group after the acquisition by the Savvy Gaming Group.

News broke on Monday of the merger between two of the most important companies in Counter-Strike’s esports ecosystem, as ESL and FACEIT became the ESL FACEIT Group. But what made it controversial was not just the consolidation of two big actors in the game’s competitive circuit, it was the fact that the two companies were acquired by the Savvy Gaming Group, a company based out of Riyadh, Saudi Arabia, and owned by the Gulf country’s Public Investment Fund. The opaque state-run fund that made headlines in 2021 when it bought the English Premier League’s Newcastle United Football Club, skyrocketing the team as one of the world’s richest overnight and angering the other 19 Premiership sides who claimed the league’s image would be tarnished, while also causing widespread backlash from both the sporting community as well as human rights advocates.

Carmac spoke about the deal reportedly worth $1.5B and the future of ESL FACEIT Group

The ESL FACEIT Group was purchased by the PIF’s Savvy Gaming Group for a reported sum of $1.5 billion, an astronomical figure that some have questioned as wildly overvalued — Modern Times Group’s majority stake in ESL cost $78 million in 2015 — and is reminiscent of the deals that another one of the PIF’s businesses, a planned smart city and tourist destination in northwestern Saudi Arabia known as Neom, tried to make in esports by sponsoring Riot’s LEC and BLAST with reportedly very lucrative sums. Those deals fell through, however, as condemnation from the community and many of its figureheads, particularly broadcast talent, made both of the aforementioned companies backpedal in their commitment to advertise the city project, which has been marred in controversy over forced evictions of the native Howeitat people inhabiting the region.

As of now it is hard to tell exactly how this acquisition will affect ESL and FACEIT, who had been in talks to merge for months before it was known that the Cologne-based tournament organizer would end up in the hands of the PIF, meaning that the consolidation of two of Counter-Strike’s biggest esports pillars was already in motion. “I was not a part of the talks for the merger, but if you look at FACEIT and ESL, it's quite obvious that we have distinct strengths in contrasting areas and if you put them together it becomes a full package,” Michal “Carmac” Blicharz, VP of Product Development at ESL, says. “If you look from a Counter-Strike perspective it makes sense, but if you look from an 'any game' perspective it makes tremendous sense. We can offer community tools, match making, anti-cheat, game hubs, online leagues, game festivals and tournaments all under one roof. All of a sudden it's all part of an ecosystem that you can activate almost overnight. That's where the value comes from.”

Consolidation in Counter-Strike has always been a touchy subject, as many of the game’s stalwarts have been big proponents of the open nature of the tournament circuit, with different companies putting together their events with minimal if any intervention from Valve, the game’s intellectual property owners. But FACEIT, who used to run their ECS tournament series, worked with ELEAGUE in their short-lived foray into Counter-Strike, and were behind the production for the Flashpoint league, have shown their real value rest in their pick-up game ecosystem, from their grassroots hubs to the elite level FACEIT Pro League, as well as their community-building. Tournament organizing has been a tough circuit to fight in, however, and any loss in competitors should be mourned, especially considering that the space has not been at its strongest with other players like StarLadder taking a big step back in 2021 as the Russian TO only had a single RMR event to their name while ESL and BLAST coveted most of the calendar outside of Valve-sanctioned tournaments.

“In Counter-Strike we have a publisher that historically has suggested that they don't want a monopoly,” Carmac says. “I'm not talking only about CS:GO, Valve have a philosophy of open market across everything they do, not just CS:GO. We're not trying to go for a monopoly, the immediate plan for the ESL Pro Tour isn't going to change at all regarding the number of tournaments or the days in the calendar. ESL Pro League is not suddenly going to double in length. Our immediate plan is to open up much more and to improve what we have as much as possible. If we're being honest with each other there are areas in which we're behind relative to our competitors in the space. For instance, BLAST has done highly polished and entertaining broadcasts. We need to catch up, and that's our immediate focus, to actually get back to being an amazingly polished, well-rounded, and entertaining show.”

ESL are tweaking the qualification process for Cologne and Katowice

One way ESL is going to open up, according to Carmac, is by changing the way teams make it to their two most prestigious events in the calendar, IEM Katowice and IEM Cologne. ESL Pro Tour points will no longer be used to qualify teams for them, and instead, invites will first be given to ESL Pro Tour Masters tournament champions, and then the remaining slots will be decided by ESL's world ranking. While the change will simplify the format and make it easier for spectators to follow storylines, it is still just a partial opening as teams winning events outside of the ESL ecosystem won't get direct invites to Katowice or Cologne the way those that win, for example, IEM Dallas or an ESL Pro League season. Carmac notes that, in the future, non-EPT tournaments might be considered for invites too, if certain standards are met.

The more thorny aspects of the acquisition, however, are not the ones related to the merger between FACEIT and ESL, but rather those concerning the Saudi PIF entering Counter-Strike by holding the biggest grassroots and tournament organizing group and if they will be able to exert their influence in the space. “Savvy is a business entity that is expected, at the end of the day, to create long term value in gaming and esports,” Carmac says, mirroring a similar statement by FACEIT’s Co-Founder, Michele Attisani, on The Four Horsemen. “It's a real business, with real consumers that are interested in the product, so the end-goal is that the actual product is good, there’s no other goal. For that reason, the same people are staying in charge as have been in charge of FACEIT and ESL and the target is to put out the best product possible with the same strategy that has worked for both of our companies in the last decade or so.

“Obviously some backlash was expected,” Carmac adds in regards the acquisition, “but ultimately what we expect is to be judged by what we do and what our products look like. There are many questions about whether we'll stop doing this or that, but the values of the company remain the same, the code of conduct remains the same, the reason we do things, the people running things, the way we think, it all remains the same. It's very much going to be the same ESL and FACEIT, and if it's not, then we should absolutely be judged for that.”

“We are free to operate the way we choose to and we will continue to operate the way we have, with the same values. I don't think we would welcome any kind of pressure to change our code of conduct or the values we have, that's not what the management wants and the management would probably resist it, although this is purely theoretical because there has been no such pressure — but if there was I believe there would be strong resistance.”

The backlash from the Riot and BLAST announcements could raise questions about how Valve would react to news of the biggest CS:GO operator’s acquisition, although seemingly they are uninvolved with the deal. “With most big things that we do we always try to give Valve a heads up about what we're doing, how we're thinking, and why we're doing certain things,” Carmac says. “In these conversations Valve typically give me the impression that we're free to do whatever we want or what we think is best for our business so long as it doesn't clash with the interests of the average Counter-Strike player or fan. They have given us no indication that would happen in regards to our announcement.”

For now, ESL will continue to work on their long term projects, and no longer being a publicly-traded company, along with a cash injection that will help build said long term projects, the company is looking to improve several areas ranging from the broadcast to further cementing the path to pro as well as helping smaller regions flourish. “The biggest change is that now we're not a publicly-traded company anymore so we don't have the pressures we had from that,” Carmac says. “Financial results from quarter to quarter, making sure the short-term is looking healthy as opposed to having a very long view of the business. This should help us focus on the long-term vision of our products and ultimately improve our products for the players who play every day and for the viewers who want to see the world's best players doing the most amazing things on the biggest stages.”

For Carmac, the importance of keeping Counter-Strike relevant is to keep a constant flow of players coming up the ranks to challenge for spots in the big teams, and then for titles on the biggest stages. “Without new players developing we will not have Counter-Strike five to 10 years from now. If you want to build an ecosystem with the biggest longevity, that's where you begin. So for us, the investment is in connecting all of the platforms and the products so that if your 15 or 16-year-old cousin starts a FACEIT account, he or she will clearly know what the path to becoming the next s1mple and m0NESY is. That's our vertical focus.”

The horizontal focus is regional, making sure this happens not only in Europe, but also in the rest of the world. “This way we ensure Counter-Strike as an entertainment and a sport being a global show attracting people from all over the world,” Carmac says. “We know how important North America is in all of this, so we're paying extra attention there because we know how the ‘Europe vs. North America’ narrative has driven Counter-Strike from the times of the first NiP, SK, compLexity, etc. All of those rivalries have been very good for Counter-Strike and we want to make sure that the two historically strong continents remain strong and that the rest catch up.”

An example of how ESL hopes to help the North American region, for instance, is in provisions added to the Louvre Agreement, no longer incentivising only good results but also things such as having players living and playing in North America. The idea is that this will not only cater to the North American fanbase, but also to Challenger-level players who will be able to have better practice, improve, and keep the cycle going. Another part of the plan is to inject cash into the lower rungs of competition, something seen with the cash cups, which are an extra incentive to try and keep players who grind 12 hours a day and don’t see any returns to stay motivated and continue to work on becoming good enough to make the pros.

“Balancing a product in a highly competitive eco-system and balancing the books of a publicly-traded company is very hard and requires compromise and now that compromise isn't necessarily needed,” Carmac says, “I'm happy that the company is private again, the gloves are off.” But stress is on long-term goals and on not creating an unsustainable bubble. “People should expect gradual, intelligent improvements to our products across the board. We want our broadcasts to be better than what they have been. We want to tell better stories around players and make sure that it's not just about the one guy that wins everything. If you've seen Drive to Survive, you know how interesting the stories of someone who wants to break through can be. It's interesting to see how the stories of those trying to make it are often much more compelling than the stories of those who have made it and are winning everything.

Catching up with BLAST's production and improving the B stream are ESL's first goals

“Expect us to make sure that our broadcast is strong. I don't find that we have been ahead of BLAST in the last year in terms of some of the broadcasting, so we want to catch up. We want to show our own flavor on how to deliver great events and expect the first signs of that to start showing at IEM Katowice. This is not just a change from driving a Skoda yesterday to driving a Mercedes today. It's now one company with a long-term plan — and I do mean long term —, and I mention the long term because the idea is to create something sustainable that lasts beyond the career of a single player. But in the short term, obviously, we want to address any issues that have been annoyances to the audience or to our user base.

“The B stream at events, for example. Has it always been amazing? No. The reason we have it is because we believe it is better for Counter-Strike to have events that are larger than eight teams. You can have fantastic quality if you narrow it down to eight teams and focus on that because you don't have to run two parallel productions, but we believe it's important to give access to more participants because we believe it's better for the ecosystem overall. But that means we need a second stream and the resources were too stretched to make that B stream experience feel polished enough that we would be as proud of it as we could be, so that's the kind of thing we're going to be looking to fix. We want to retain the ambitious goal of retaining that value, because if only eight teams compete then only eight teams derive value from that event. If 16 teams compete, that's double the number of teams that can show value to sponsors, justify salaries for players and so on and so forth. The cost of that was that the quality in the B stream wasn't the one we would be proud of necessarily because we just didn't have the resources to make it so. Now it's one of the areas we will be addressing. That's one of the examples.”

Going private again and having the resources to make a better product is a promising proposition, especially in the near future, but will taking money from the PIF one day come and haunt the ESL FACEIT Group? Could it be that a day will come in which a list of cities that must be included in the IEM or ESL Pro League circuits will be handed down to the tournament operator? How about a LAN final in the project city of Neom?

“Geopolitics is not my thing, but as I understand it, Saudi Arabia wants to shift its economy from oil to something else,” Carmac explains his view on the matter. “We haven't suddenly become a promotion vehicle, this is just a shifting of their economy from natural resources to technology, so it's primarily a business investment from a group that wants to be a valuable part of gaming and esports.”

Regardless, it’s impossible to know what the future truly holds. At this point all one can do is hope that the acquisition of the ESL FACEIT Group remains strictly a business decision and that, if Counter-Strike starts heading the way of traditional sports where sportswashing (an individual, group, nation-state, etc. using sport to improve its reputation and public image) has become commonplace, that the community will once again come to the fore and speak out.

I think esl and faceit thing will be really good in the long run
2022-01-27 20:07
8 replies
#4
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Austria Ostmark
yes
2022-01-27 20:07
6 replies
yes
2022-01-27 20:10
5 replies
just 1.5 dollars wtf Saudis are great negotiators
2022-01-27 20:20
4 replies
#68
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Yugoslavia Poney
you either pay or the twins are going down
2022-01-27 22:28
3 replies
#91
Zero | 
Czech Republic cortan
lol
2022-01-28 08:42
lol
2022-01-29 05:33
Oh shit
2022-01-30 16:41
#20
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Czech Republic castkic
+1
2022-01-27 20:16
“Geopolitics is not my thing, but as I understand it, Saudi Arabia wants to shift its economy from oil to something else,” Carmac explains his view on the matter. “We haven't suddenly become a promotion vehicle, this is just a shifting of their economy from natural resources to technology, so it's primarily a business investment from a group that wants to be a valuable part of gaming and esports.” Cope and insincere
2022-01-27 20:09
11 replies
#22
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Egypt BomberMan_
when you get bought out for a total of 1.5bil you dont instantly go out and say the reality of the situation especially when you are still working for them for the foreseeable future
2022-01-27 20:18
3 replies
If you get 1.5billion he can actually fuck off and retire well and call it as he sees it but that would mean admitting that the paycheque is stained. In the meantime Carmac will count his cash and pretend he saved esports. I dont even blame him, but if he was a G he wouldn’t go feeding us bs
2022-01-27 20:46
2 replies
He gets paid to sell you bullshit, we would all do It in his position, let's be honest here, that doesn't change the fact that they got purchased by a shady country (disliked by most of us for obvious reasons).
2022-01-27 20:50
#51
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Egypt BomberMan_
well its obvious he isnt getting retirement money out of this and probably still works for ESL for a few years.
2022-01-27 21:03
Lul "shifting economy" more like "shifting attention"
2022-01-27 20:22
2 replies
more like running out of oil
2022-01-27 20:39
1 reply
I think they still have oil, but as everything shifts to non-fossil fuels they need to be prepared.
2022-01-28 13:10
A business investment where they pay 1.5B for companies that are clearly worth not even half that. I'm sure they have only business concerns...
2022-01-27 20:35
2 replies
Still shocking… faceit for 500mil what is that even
2022-01-27 20:46
1 reply
#88
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India spiderCAKE
that is sportswashing
2022-01-28 06:35
I loved this interview with Carmac, have always had a lot of respect for him and he says a lot of great things but that quote definitely stands out as insincere and it will age poorly. Of course Saudi Arabia is going to use this as an opportunity for sports-washing and I bet we see one or more events there sooner rather than later.
2022-01-28 14:21
$1.5 Dolar deal
2022-01-27 20:08
1 reply
#9
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France marponche
Ahahaha
2022-01-27 20:09
#6
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Serbia eliiiiii_
better this than to cut costs at every corner but then again if they monopolize the scene, there's no reason to spend a lot on production when there'll be no competition
2022-01-27 20:08
Nice deal
2022-01-27 20:08
i heckin love saudis😎
2022-01-27 20:09
#11
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United Kingdom novaseer
2022-01-27 20:11
Except taking money from an authoritarian state that enslaves people and kills whoever dare speak up. Nah, fuck that.
2022-01-27 20:11
7 replies
but faceit dont lag now
2022-01-27 20:18
well they did take money before from mass murderess and war criminals from us air force (best friends of saudis btw) and nobody gave a fuck
2022-01-27 22:25
3 replies
#92
Zero | 
Czech Republic cortan
-1 b8er
2022-01-28 08:43
thats not true people took the piss out of them for that aswell
2022-01-28 11:11
+1
2022-02-12 19:35
imagine being ur ass owned by arabs omegalul, what a shame
2022-02-07 02:11
#128
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Denmark Weylyn2
Sums up most countries
2022-02-11 14:57
#13
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Estonia tonyi
"... deal reportedly worth $1.5 ..."
2022-01-27 20:11
ZAMN, 1.5 dollar deal! i can offer 2 bucks for the whole thing. hmu
2022-01-27 20:12
7 replies
pretty cheap i'll offer 3 dollars
2022-01-27 20:13
6 replies
#40
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United States 3manu3l
ill chip in 4 dollars
2022-01-27 20:40
5 replies
#74
 | 
United Kingdom novaseer
we auctioning out ESL/FACEIT now? putting down a fiver
2022-01-27 23:26
4 replies
#85
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Uzbekistan kdhai46
a tenner here
2022-01-28 02:45
3 replies
200 dollars i want faceit
2022-02-01 04:44
2 replies
#112
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Uzbekistan kdhai46
300
2022-02-01 05:20
1 reply
#117
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Norway Simbau
301
2022-02-03 14:50
Well yeah it's just ESL and Faceit with a billion dollars of runway. What a world we live in.
2022-01-27 20:12
“Expect us to make sure that our broadcast is strong. I don't find that we have been ahead of BLAST in the last year in terms of some of the broadcasting, so we want to catch up. We want to show our own flavor on how to deliver great events and expect the first signs of that to start showing at IEM Katowice." Im excited for this.
2022-01-27 20:12
sold to people who give a fuck about Human Rights.. Yeah no i judge you already fucking Sportswashing
2022-01-27 20:13
3 replies
bok bok bok
2022-01-27 20:39
you mean „don‘t give a f*ck“? „giving a f*ck“ means caring for something.
2022-01-27 23:50
1 reply
ye well ofc i meant dont give a fuck
2022-01-28 00:03
#19
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United States thespecht
"Carmac spoke about the deal reportedly worth $1.5 and the future of ESL FACEIT Group" $1.5 :OOOOOO
2022-01-27 20:14
#21
i am | 
Asia harxDy
"worth $1.5" wow ESL robbed
2022-01-27 20:16
#25
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United Kingdom Jonty04l32
Best of luck to them. Hopefully this deal works out in the long run. :)
2022-01-27 20:21
3 replies
#78
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Spain Almendrix
Sorry, but morally this is not acceptable at all. Stained money, but this is the consequence of we (the consumers) don't giving a flying FCK about any of this as far as we are fed with free product and entertainment. It's just wrong, no matter how you try to spin it. And in the long run it would get worse, I'm 100% sure
2022-01-28 00:16
2 replies
#81
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United Kingdom Jonty04l32
I'm aware of the insidious assumptions surrounding this deal and that's why I'm wishing for the best in spite of that.
2022-01-28 00:57
Yea since its a do e deal already and we can't do anything about it all we can hope is that somehow things work for the best despite the fact the buyout is by a shady country.
2022-01-28 02:19
ESL Faceit Group: $1,5 Billion Rick: Best I can do is $5
2022-01-27 20:22
2 replies
#28
Petra | 
Poland 138|
lmao
2022-01-27 20:24
xD lolololol
2022-01-27 21:04
carmac doesnt love Counter-Strike.
2022-01-27 20:24
1 reply
with how faceit has been run past few years no surprise
2022-01-27 20:46
Going to be the same? Time to go to Valorant.
2022-01-27 20:24
5 replies
yeah if faceit stays the same = same lobbies of smurfs/cheaters boosting
2022-01-27 20:47
4 replies
Yea I thought they would improve the anticheat because of this. And I had a small hope they would actually try to do something about the smurfs too but nah
2022-01-27 21:12
3 replies
it's sadge because like 6 months ago after a few emails to Faceit I got a reply from faceit Mikey basically saying "yeah we know there's a big problem at low and high elo with smurfs/cheat boosters, sorry" and then here's Carmac "our great product will not change don't worry!" so fkn out of touch what I read out of "anticheat improvements" is now some saudi players are gonna get their hands on Faceit AND ESEA anticheat and I bet NONE of them know any cheat developers or have interest in cheat development themselves, no not possible.
2022-01-27 21:26
2 replies
Yesterday i played against 2 weebs with korean and japanese flags who both had 0 games. They werent even even any good but my team just couldnt show up. Checked their friendlist to report for smurfing and one of them had like 10 accounts in faceit with almost the same name, with minimal differences. Still not banned and by how it has been lately i dont think he will be.
2022-01-27 21:31
1 reply
they are just flooded, intern support admins don't know shit... assume everyone is a clean, nice player. I also see many griefers and trolls have Faceit Justice enabled on their account
2022-01-27 21:32
The most important aspect of this deal, return of DDK and Bardolph frequently as casters
2022-01-27 20:26
3 replies
Is that true? I’m surprised DDK would be allowed to cast CS and Valorant
2022-01-27 21:54
1 reply
Meaning ddk leaving valulrant.
2022-01-28 16:07
Most of their casting is boring. They only put in effort when it's big matches. Bardolph especially makes me wanna sleep and keeps talking about irrelevant stuff midround a lot.
2022-01-29 05:29
GL
2022-01-27 20:28
Great article Sums up most of my concerns
2022-01-27 20:31
Just read the entire article. And I really have mixed feelings about all of this. I hope it does work out in the long run. But in case it doesn't, I have serious doubts about the way out, since it basically is a private company now.
2022-01-27 20:32
saudi arabia next major location
2022-01-27 20:34
6 replies
saudis need to come to brazil
2022-01-27 20:51
1 reply
Hahaha
2022-01-27 22:03
Valve decide it not ESL.
2022-01-27 20:53
3 replies
Yea just like FIFA decides where WC is played? It will just go to the highest bidder.
2022-01-27 21:13
2 replies
+1
2022-01-27 22:17
Nope if this is the case we would have the major every time from the same
2022-01-28 06:31
I hope it wont be the same cause ESL is shit
2022-01-27 20:37
Wait 3-4 years you will see how it gets more and more commercial. ESL will lose everything that made it ESL.
2022-01-27 20:50
Funded by Saudi blood and oil money, disgusting.
2022-01-27 20:51
i have many doubts, as saudi arabia has a lot of its corporations aligned with the sexist, homophobic and transphobic values so that might influence things, but who knows, it might not affect anything.
2022-01-27 20:57
dust 2 best map?
2022-01-27 21:39
1 reply
never out of map pool now
2022-02-07 02:13
who car
2022-01-27 21:55
#65
 | 
United States Teztyment
Wtf is going on here? This has to be a good thing for CS right? They are throwing money at us let them.
2022-01-27 22:09
1 reply
That is not how business works mate, they might throw money at it now, but in the future they expect shit to go their way and things will change.
2022-01-28 11:21
trying to convince himself of something i suppose? no one spends 1.5b on something and doesnt have an opinion on it. that never happens. ever. and saying any suggestions wont be accepted? its called getting fired for the guy that accepts suggestions. lmao this is beautiful stuff
2022-01-27 22:44
1 reply
very smart comment, mens!
2022-01-28 11:20
#71
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China RADNIKEY
Well he can hope at any rate
2022-01-27 22:54
#72
 | 
Other 88MPH
"IT'S VERY MUCH GOING TO BE THE SAME ESL" Well that sucks. How do you get 1 billion and still offer the same shitty product? On the bright side this a good opportunity for Richard Lewis and Thorin to virtue signal.
2022-01-27 22:56
#73
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Finland notits
why would working under another umbrella organization change anything? still same devs and staff
2022-01-27 22:59
Lol the only good thing I can easily see coming out of this is that the prize pools can probably reach 10 million.
2022-01-28 00:34
"Geopolitics is not my thing," Just wow. That's one way to completely ignore any criticism. I wonder if he would've said the same if a Polish journalist was dismembered while being kept alive as long as possible to inflict the most pain possible. But then again he works for a German company, so probably doesn't care anyways.
2022-01-28 00:48
1 reply
#130
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Albania hardcoar
JERMANNS LULL
2022-02-12 19:44
same thing said about HLTV after being bought by Nicolas Nyholm and look what they did to it.
2022-01-28 01:21
"Geopolitics is not my thing," Not having gays stoned or hanged to death is my thing so good luck with sportswashing ESL and FACEIT I am done with you since you do not want to engage in this conversation. Had you asked publicly before the deal with Saudi government was done nobody in the cs community would have wanted this to happen. I hope Valve takes a stance against Saudi sportswashing and never gives you another major and takes tournament organizing rights away after current deals run out. There is no "geopolitics" in equal rights that is so simple but you deliberately missed that memo with all the money Saudi government gave you.
2022-01-28 01:29
6 replies
Couldn't have said it better brother
2022-01-28 05:03
Well said.
2022-01-28 08:38
signed
2022-01-28 11:24
#100
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Czech Republic fykseN1g
+1
2022-01-28 11:43
Yep
2022-02-01 16:08
"tHeY eXpEcTeD sOmE bAcKlAsH", pathetic
2022-02-07 02:17
guys remember to not pay money to see statistics or to support pay2win map selection process. don't give your money to frustrating facit matchmaking system.
2022-01-28 08:11
Lmao nice try!! Personally for me now only blast exists, I just can’t give money to slave nation, who still treat women like objects. Sucks tho that I can’t get chad and machine’s commentary , hope they switch camps too
2022-01-28 09:56
1 reply
only the sour taste is that blast wanted to be in bed with saudis also. blast is also on my watchlist. but for now on un can argue that they deserve this chance. lets see if blast can resist that saudi money. i am for crowdfunding blast and make it owned by the community. like 10€ a month to watch blast with 30€ initial investment.
2022-01-28 11:29
> $1.5 billion, an astronomical figure that some have questioned as wildly overvalued — Modern Times Group’s majority stake in ESL cost $78 million in 2015 This is shoddy analysis, ESL itself sold for $1b and comparing it to the purchase price ignores subsequent capital that's been invested at a loss for 7 years. The total return (sale price / (purchase price + losses)) is something like 2x which is a terrible rate of return over that period of time. In short: MTG barely made a profit.
2022-01-28 12:02
1 reply
sale price - purchase price - losses is what you meant, but that would still be acting like the price it sold for was due to them investing at a loss for 7 years and that they invested over 10x what they paid. In short: you're full of it
2022-02-01 16:13
who
2022-01-28 14:22
It’s just weird because ESL now is with both esea and faceit
2022-01-28 21:52
1 reply
time for them 128-tick servers, Valve
2022-02-01 16:09
Arent know this details
2022-01-29 11:09
This ain't good. Moneymen always ruin the passion of anything they touch. Their insight is limited, and way too focused on PR and profit.
2022-02-02 23:21
i will stop watching ESL events
2022-02-05 10:26
Congrats, your ass now being owned by dirty arabs, omegalul! Good deal for a washed up companies though
2022-02-07 02:22
Except now we are going to be using Saudi blood money instead, you know the country that thinks human rights is a song by Abba Disgusting, definitely boycotting that abhorrent decision
2022-02-07 11:14
Huge
2022-02-08 21:45
I respect Saudi Arabia for various reasons and I do wish all the best to ESL and Faceit
2022-02-10 16:27
yeah but smurfing and elo boosting issues are still rampant so idk man, dont think it's working!
2022-02-10 23:34
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