• Esports team organization Misfits Gaming Group (MGG) has sold its League of Legends European Championship (LEC) franchise slot to Team Heretics, a Spanish esports organization. Reports indicated that MGG will retain 20% of the slot while Team Heretics reportedly purchased 80% of the slot in the price range of  USD 34–36 million. MGG bought the spot for EUR 8 million (~USD 9 million) at the LEC’s inception in 2019.

• Team Heretics had briefly participated in League of Legends from 2016 to 2017 and returned in 2022 with a spot in the LVP Superliga (a top-level Spanish League of Legends league). The team also competes in a variety of tournaments such as Valorant, Counter-Strike, FIFA, and Fortnite. 

• Along with leaving LEC, Misfits will also leave LFL (a French regional league) and disband the Misfit Premier academy team at the end of 2022. The company states that this move is to diversify and focus on creative talent. 

<ul><li> Analyst QuickTake : Esports team organizations are continuously attempting to diversify revenue streams by focusing on content creation. OpTic Gaming’s acquisition of streamer monetization tool Botisimo and 100 Thieves’ plans to develop a video game are among recent announcements with a similar focus. Brand partnerships and merchandising also present lucrative opportunities to generate revenue in addition to their core operations.</ul>