Saudi Group Invested in Chinese Esports firm VSPO
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Saudi-backed entity invests $265 million in Chinese Esports firm VSPO.
Savvy Games Group, a Saudi Arabian gaming and esports company, has invested $265 million in VSPO, a Chinese tournament operator.
Savvy Games Group will become the largest shareholder in VSPO. A pending “necessary regulatory clearances and approvals and the satisfaction of other closing conditions.”
According to a press statement, the investment would assist VSPO in implementing its global strategy and expanding its mobile esports activities. Having a particular emphasis on the Kingdom of Saudi Arabia.
The declaration is consistent with Saudi Arabia’s ambitious Vision 2030. Saudi aim to become a worldwide powerhouse for gaming and esports by the end of the decade. The Saudi Group, wholly controlled by Saudi Arabia’s Public Investment Fund, presented a SAR 142 billion ($37.9 billion) strategy in September 2022. It includes the acquisition of a top game publisher and investments in significant esports firms.
Who is the VSO?
VSPO is one of Asia’s largest tournament operators, founded in 2016. Before the beginning of this month, it was known as VSPN to differentiate itself from ESPN.
VSPO has formed agreements with several regional developers over the past decade, including Tencent, Garena, and Krafton.
The firm has facilities in Shanghai, Xi’an, Chengdu, and Seoul and has organized competitions for various esports titles, including Arena of Valor, PUBG Mobile, and CrossFire.
This historic investment will bolster our ambitious worldwide strategy, emphasizing Asia and the Middle East. We will support Savvy’s goal to expand esports throughout this dynamic and youthful region.
