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Report: FaZe Clan considering going private

FaZe Clan
FaZe Clan

Less than a year after going public, FaZe Clan are considering reversing course, Sports Business Journal reported.

The report claims the esports and gaming organization is considering a restructure that would take it private, but is struggling in its efforts.

FaZe Clan reported $43.9 million in cash assets in their most recent quarterly filing, only enough to carry them to November, according to the report.

“L.A.-based FaZe hoped to ride the esports/gaming wave when it listed on NASDAQ, but there has been a severe drought of money coming into competitive gaming over the last year,” Sports Business Journal said.

To restructure the group, sources told SBJ that FaZe Clan would need $40 to $60 million.

FaZe Clan, who once claimed to be the first $1 billion esports organization, were trading at $0.53 as of the close of business on Thursday — meaning they have lost 90 percent of their value.

–Field Level Media

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