Guild Esports terminates agreement with unnamed partner

British esports organization Guild Esports has announced the termination of its partnership with an unnamed European fintech company. In a press release, the organization named delays in payments as the main reasons for canceling the deal. According to Market Watch, the company's shares fell 9.3 percent as a result of the news.

Recall that the partnership was first announced in October 2020. An unnamed partner was required to provide Guild Esports with an annual contribution of £ 1.1m in the first year, £ 1.2m in the second year and £ 1.3m in the third year, for a total of £ 3.6m million pounds sterling. At the same time, earlier the organization announced that the identity of the sponsor would be disclosed in November 2020.

Cal Hourd, Executive Director of Guild Esports:“We have been very kind and patient with this contract but have decided to terminate it due to growing uncertainty about their launch plans. We are actively negotiating new sponsorship deals and look forward to their announcement in soon".

According to Guild Esports, the affiliate brand should have started payouts from the day of its official global launch. The company explained that it was not given any clear timetable for the said launch, and none of the payments were made.

Since listing the organization on the London Stock Exchange, the British organization, in particular, has entered into partnerships with Subway, HyperX and Samsung.