Esports org Copenhagen Flames files for bankruptcy – Egaxo

  ❘   Published: 2023-05-01T17:30:04

  ❘   Updated: 2023-05-01T17:40:46

Danish esports organization Copenhagen Flames has announced that it has filed for bankruptcy and laid off all personnel.

In a statement posted on Copenhagen Flames’ website, CEO Steffen Thomsen explains that the decision was made after it failed to find funding to sustain operations for the club.

Only two weeks ago, Copenhagen Flames had announced that they were seeking an investment of 5 million DKK ($740,000 USD) to balance their books and launch a series of initiatives to ensure their profitability for 2024 and beyond.

“For the past six months we have worked tirelessly to avoid this outcome but unfortunately we have failed,” Thomsen said. “And for that I am deeply sorry. In the end it is my responsibility and I feel like absolute shit that it has come to this.”

Copenhagen Flames proudly described themselves as the “Ajax of Esports” because of their ability to develop young CS:GO players and sell them for a profit. In 2021, their CS:GO team, made up of virtually unknown players on the global stage, qualified for PGL Major Stockholm. A few months later, it repeated that feat by reaching PGL Major Antwerp, where it even reached the playoff stage.

More to follow…