Less than a year after going public, FaZe Clan are considering reversing course, Sports Business Journal reported.
The report claims the esports and gaming organization is considering a restructure that would take it private, but is struggling in its efforts.
FaZe Clan reported $43.9 million in cash assets in their most recent quarterly filing, only enough to carry them to November, according to the report.
“L.A.-based FaZe hoped to ride the esports/gaming wave when it listed on NASDAQ, but there has been a severe drought of money coming into competitive gaming over the last year,” Sports Business Journal said.
To restructure the group, sources told SBJ that FaZe Clan would need $40 to $60 million.
FaZe Clan, who once claimed to be the first $1 billion esports organization, were trading at $0.53 as of the close of business on Thursday — meaning they have lost 90 percent of their value.
–Field Level Media
