The Shanghai United Assets and Equality Exchange revealed that Chinese esports organization YTG Gaming (YTG) has agreed to sell its related rights and interest in its King Pro League (KPL) franchising slot.
The bid price is up to ¥61M RMB ($8.6M USD) at the time of writing, and covers the organization’s KPL slot, all players contracts, and team social media accounts. The buyer’s qualification will also be verified by Tencent’s KPL Union.
YTG joined KPL in 2017, and is one of 16 teams in the league. The reason behind this trade has not been disclosed. Sources close to the KPL and teams told The Esports Observer that the economic downturn caused in part by the COVID-19 pandemic and unsatisfactory team performance in the league were likely contributing factors in the decision to sell.
The duration of the auction is 20 business days, with bidding closing on July 2. The Esports Observer will continue to monitor this story as it develops.
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