TWC2016 Prizemoney Statement
We are currently in the process of procuring the prize money of the event which was signed contractually to be paid by Azubu at the immediate end of the event.
After not paying we decided to hire lawyers in California to discuss this with them. Bearing in mind Azubu not only owe us prize money and months of contractual funds, but also many other event organisers. They asked us to accept a very small amount of the money owed and that we must tell the teams we had the prize pool paid to us.
We then took Azubu to arbitration and are currently in the process of getting the money that is owed. Azubu has been telling us that they do not have funds even though they recently purchased Hitbox for millions (https://venturebeat.com/2017/01/10/esports-network-azubu-acquires-europes-hitbox-to-expand-global-esports-broadcasts/). Azubu denied buying hitbox when our lawyers spoke to them. The reason we have not yet gone public with this is in favour of reaching a mutual agreement with Azubu through our lawyers who advised us to not go public
We have a full commitment to pay any prize pool we promise any team and to this date we have never refused to pay anyone money that is owed unlike a lot of other companies in the space who continue to thrive oweing thousands.
We hope that we will be able to resolve this in arbitration but if not we will pay the pool through our own funds regardless.
It's a very shameful situation to be in and we deeply apologise for breaking your trust in us, but in this matter it is truly out of our hands. We had a contract signed by law and are currently paying thousands in legal fees to enforce it, that is the state of exports
We will in due time after the case reveal all the details concerning this case and the companies involved.
Thank you and we apologise once more