Toronto Overwatch esports franchise starts to fill front office and raise funds
TORONTO — Unveiled last month, Toronto’s Overwatch League esports expansion franchise now has a general manager, coach and $21.5 million in equity financing.
OverActive Media Group Inc., the ownership group behind the Toronto franchise, says the $21.5 million is the largest financing in Canadian history for an esports-focused business.
While a large chunk of change, more will likely be needed. The original cost of a franchise was pegged at US$20 million in its first year of operation in 2018 with reports suggesting the next round would go for a minimum of US$35 million.
“The financing is necessary to meet the schedule of payments that we have anticipated,” said OverActive Media CEO and president Chris Overholt, the former CEO of the Canadian Olympic Committee.