The LEC landscape might change once again. Multiple sources familiar with the situation shared with Sheep Esports on Friday that Infinite Reality, the parent company of Rogue, are currently considering selling their franchised LEC spot. At the time of writing, no deal has been finalized, and Rogue could still decide to stay in the league next year. However, multiple parties have entered discussions with the organization.

The Falcons

Team Falcons, an esports organization from Saudi Arabia, have joined a lot of esports titles in the past few years, including games such as Rocket League or Counter-Strike 2. They have also been trying to join the LEC since 2022. Back then, they had even reached an agreement with Astralis, which Riot Games blocked. Astralis ended up selling their LEC spot to Karmine Corp in 2023 instead.

In November 2023, Team Falcons began negotiations with Rogue for a LEC spot following KOI's separation from Infinite Reality. However, no deal was reached due to complications with Riot Games once again, according to sources familiar with the situation. Sheep Esports could not confirm the exact details of this rejection.

This year, discussions between Team Falcons and Infinite Reality have resumed. While Riot Games is cautiously monitoring the situation, it remains uncertain if their stance has changed. League of Legends is currently one of the 21 games featured at the Esports World Cup this summer in Riyadh, Saudi Arabia.

Cash and Equity

Several other teams have shown interest in Rogue's LEC spot. As of now, it is unclear which organization is most likely to take over if a deal is made. The main question is the price, especially with fluctuating viewership. The most recent valuation was 26 million euros when Astralis sold their spot to Karmine Corp in October 2023.

Sources indicate Rogue prefers a cash deal over equity. It is common for selling LEC teams to retain some stake in their LEC spot. For example, in 2022, Misfits Gaming kept a 20% stake after selling their spot to Team Heretics, valued at around ~45 million euros according to a report from blix.gg. Astralis also retained ownership of the entity holding Karmine Corp's LEC spot, with an option for additional share transfers allowing the French team to acquire 100% by 2031.

A Tumultuous Few Years for Rogue

Rogue joined the franchised LEC in 2019 and showed steady improvement until winning the league's trophy in Summer 2022. That same year, ReKTGlobal, Rogue's parent company, was acquired by metaverse company Infinite Reality in July. In October 2022, Rogue merged with KOI, a Spanish organization owned by Ibai Llanos.

Less than a year later, KOI split from Rogue due to disagreements, as reported by Sheep Esports in November 2023. In the separation process, Infinite Reality retained four teams but dropped their Rocket League roster from the RLCS and had Fnatic take over their Rainbow Six Siege spot, leaving them with only the LEC spot and the Carolina Royal Ravens in the CDL.

It remains to be seen what Infinite Reality plans for esports. Earlier this week, on Tuesday, infinite Reality announced the $450 million acquisition of Landvault through an all-stock transaction. Landvault is a tech company specializing in immersive technology and digital twins for Fortune 500 companies and government organizations.

The Future of Rogue in the LEC

After failing to reach the playoffs in all three LEC splits in 2024, Rogue have been eliminated from the rest of the competitive season. Despite disappointing results, there is no indication that this is due to a lack of ambition. Last year, Rogue managed to re-sign Larssen on a multi-year deal, despite the Swedish midlaner being a prominent free agent, as reported by Sheep Esports.

Sheep Esports reached out to Rogue and Riot Games before publishing this report, but both parties declined to comment.

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