Echo Fox has proposed selling its slot in Riot Games League of Legends Championship Series, with Kroenke Sports & Entertainment rumoured to be the buyer.
Riot Games issued a statement last night confirming that Echo Fox has "submitted a proposal to sell its slot in the LCS to a new ownership group."
The statement, which was published on the official League of Legends esports Twitter account, said that the potential sale would be reviewed over the next few days. The LCS also said that it be "meeting with the proposed ownership group in the coming days."
According to ESPN, the ownership group is Kroenke Sports & Entertainment, which also owns the Premier League football club Arsenal, the Denver Nuggets in the NBA, and the Los Angeles Gladiators Overwatch League team.
Sources close to the deal said that, if Riot gives its approval, Echo Fox will receive $30.25 million for its place in the LCS.
"We're working diligently to minimize disruption to Echo Fox players and staff for the 2019 season in partnership with the LCS Players' Association," LCS commissioner Chris Greeley told ESPN.
"If LCS rejects the proposal, Echo Fox has agreed that LCS will be taking over the sale process for the slot. Our goal is to make sure we have an orderly transition and a new team ready for the 2020 season."
Echo Fox has been in a dubious position in the LCS since May, when one of its key investors committed what Rick Fox described as an "outrageous and abhorrent display of pure racism." At first, it appeared that Echo Fox founder Rick Fox would leave the company as a result.
Fox decided to stay, however, and the LCS told Echo Fox to part ways with the shareholder, who was identified as Amit Raizada, within 60 days. That deadline was extended by an additional seven days last week.