Esports organization T1 Entertainment & Sports announced that it extended the player contract of League of Legends star and three-time world champion Lee “Faker” Sang-hyeok through the 2022 season. Additionally, Lee became a part-owner of the esports organization and will assume a leadership role after his playing career and will help facilitate global operations.
Financial details of the contract and ownership agreement were not made public. Since T1 Entertainment & Sports is not a legal entity, it is likely that Lee became a shareholder of SK Telecom CS T1 Co.Ltd., the company doing business as T1 Entertainment & Sports, however, this was not confirmed in T1’s announcement. Lee’s previous contract with the organization was valid until November 2021, but both parties agreed mutually to terminate the old contract in favour of signing a new three-year agreement.
T1 Entertainment & Sports has stated that Lee “Faker” Sang-hyeok’s previous player contract with the organization, which was valid until November 2021, has been terminated mutually to establish the new contract effective through the end of season 2022
While Lee’s addition to the organization’s ownership group ensures that he will continue to be a key player in the esports industry after his professional playing career comes to an end, it does not necessarily indicate that he plans to end his career at the end of 2022. According to section 1.4.2., of the Season 2020 official League of Legends Champions Korea (LCK) rulebook, which is outlining the term of players’ contracts, a contract must not exceed three years.