Fnatic, one of Europe’s historic esports brands, is currently exploring a potential sale that seeks to value the organization at around $100 million, according to figures reported exclusively by Sky News. The announcement and the targeted valuation have surprised both fans and industry insiders, as the figure far surpasses current standards in esports, reigniting once again the debate surrounding the true value of esports organizations.

An exceptional amount

The deal, described by the British outlet as still in its exploratory phase, has reportedly attracted interest from several groups looking to acquire Fnatic. According to Sky, Fnatic has hired Oakwell Advisory to approach both minority investors and potential buyers for a full takeover. Multiple companies from the sports and media sectors, as well as large groups seeking new ways to reach younger audiences, are said to have already expressed interest in what is being presented as a flagship brand of esports.

The targeted valuation of around $100 million, close to the estimation published by Sheep Esports based on Fnatic’s 2023 financials, which placed the organization between €80 and €90 million. This number is surprising considering Fnatic’s own public filings, which show a clear decline in activity: revenues dropped from €20.5 million in 2023 to €16.5 million in 2024, a fall of nearly 20%, marking the first downturn in the club’s revenue trajectory. This shift also implies a significant reassessment of the British organization’s real market value.

More questions than answers

According to Sheep Esports’ financial analysis, Fnatic generated approximately $21 million in revenue in 2023 but carried a cumulative cash burn close to $50 million and recorded a net loss of €6.37 million that same year. Revenue growth, which had already appeared to plateau, has since definitively reversed in 2024. However, it is worth noting that the 2024 net loss was less severe, narrowing to around €4.4 million, mainly thanks to lower operating costs and a reduction in staff.

It is also notable that Sky’s article highlights that Fnatic “is close to breaking even,” citing collaborations with Hello Kitty and Gucci, two partnerships initially announced on November 15, 2019, and June 25, 2020, respectively. This is a key point, as the organization’s filings reveal that sponsorship revenues declined by 30% in 2023 and 2024.

Another element emphasized by Sky journalist Mark Kleinman is Fnatic Gear, the club’s peripheral brand producing PC accessories featuring its colors and logos. Sky reports that the company sold over one million units globally before divesting its “performance product line” to Sony, which integrated it into the INZONE brand in August 2025. That figure comes from the official press release announcing the deal, which celebrated nine years of Fnatic Gear’s existence. Based on the club’s documents and prior analyses from Sheep Esports, this division generated €3.6 million in revenue in 2024, up 8% from 2023, in a segment where reseller margins (as Fnatic does not manufacture the products itself) typically range between 15 and 30%.

Far from the figures of 2025, but the LEC changes the game

What makes such a transaction particularly striking is the broader environment, which has been trending downward across the esports industry. The projected $100 million valuation contrasts with recent deals in the esports space.

Vertiqal Studios acquired Luminosity Gaming for approximately $645,000 USD in August 2025, assuming around $2.6 million in liabilities and bringing the total deal value to roughly $3.2–3.3 million USD. A bit further back, FaZe Clan was acquired by GameSquare Holdings in October 2023 in an all-stock deal valued between $17 and $18.5 million USD, representing a staggering 98% drop from its $725 million valuation when it went public just seventeen months earlier.

However, it should be noted that the British organization has deeper roots and valuable assets such as its LEC (League of League EMEA Championship) and VCT EMEA slots. For reference, the last known sale of an LEC spot was in 2023 when Karmine Corp bought two-thirds of Astralis' slot for nearly €18 million, pushing the valuation to €26 million. Initially, Fnatic had purchased the LEC spot for €8 million in 2019, marking a x3 increase in valuation.

In addition to its presence in multiple esports, Fnatic also maintains offices in London, Berlin, and Tokyo, which partly justifies its higher valuation. Nevertheless, despite recent years of corrections, esports remains a growing space, with new titles and fans joining every year.