FaZe Clan Among Other Esports Organisations Receiving PPP Loan Money

FaZe Clan among other esports organisations receiving PPP loan money. According to the Small Business Adminstrations and Treasury Department, 660,000 PPP loans valued at least $150,000 showed that several sports organizations — with teams in high-profile leagues — had applied for and were approved for loans.

The most prominent among these organisations is FaZe Clan, which reported a fundraising round of $40 million in April that included musical artists, pro athletes and chief executives. The organization, through the scheme, obtained a loan between $1 and $2 million. Eight other organisations, in addition to FaZe, applied for and earned at least $150,000 in loan money from PPP.

Exact dollar amounts were not specified, but all companies took between $150,000 and $2 million in PPP money. In 2018, Envy Gaming raised $20 million in funds after raising $35 million in 2017, while in 2019 Rekt Global raised $10.8 million.

City-associated teams, like conventional sports leagues, include both the Call of Duty League (CDL) and the Overwatch League (OWL). Such teams were expected to compete with live audiences for the 2020 season in regional tournaments across North America , Europe and Asia.

The competition would have allowed teams to keep 100 percent of the revenue generated from ticket sales, merchandise and concession purchases in addition to and sponsor dollars advertising around the local event. Sponsor money is particularly vital to esports teams as a primary source of their revenue.

However, nearly all of those live events were shifted online for this season, canceled by the pandemic and leaving teams to hastily reevaluate their revenue generating plans.

[image: Wallpaperplay]

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