TENSTAR · @TENSTARGG
24th Feb 2023 from TwitLonger
TENSTAR to suspend all operations.
TENSTAR has enjoyed considerable success over the last 2 years. A challenger Org, with a disruptor mindset. Whilst the club enjoyed a strong first 12 months, the preceding 11 have been incredibly challenging. Whilst the players, support staff and wider team have been extraordinary, the reality of running an Esports Club that competes at the highest level means significant resources are required.
TENSTAR have had numerous and extensive conversations with various Investment partners as well as exploring a Series A fundraise. Whilst they are still progressing they are not happening quickly enough. The majority of those discussions require definitive Return on Investment projections. Which are difficult to produce and harder to prove in our two core titles, namely Rainbow 6 Siege and Valorant. Both of these titles have recently ring-fenced Tier 1 making Tier 2 competition unattractive. Winning a VCL, will barely generate enough revenue to pay 1 player, for 1 month. Completely unsustainable, without considerable third party investment. Sadly, we are unable to generate that level of investment and have failed to do so for the last 12 months. Meaning we have often had to transfer our top talent to other organisations.
We have outstanding payments due to some players and staff, which we are now working through to get paid. This will take time, though it currently makes sense to avoid generating more costs while we do this. We will be back, when we are more able to sustain our teams and staff.
There are way too many thank you's to even start, but to every player who's stepped out for TENSTAR, every coach/analyst and every back office team member. We thank you, and wish you every success with your next chapters.