Yesterday, Tencent and Riot Games announced they have formed a new company in China to oversee all esports related operations and businesses for League of Legends in the country. Known as TJ Sports (腾竞体育) and registered on 4 Jan 2019, around 78 mil USD of capital has been announced, reportedly with both company investing in a 50:50 capacity. The management team will be made up of top executives from both companies as well.
3 main goals have been set for 2019, including: 1, Finalize major rules, such as esports rules, business cooperation rules, and wage rules; 2, Optimize business model, such as home and away grounds; 3, Improve new player development plans. LPL is confirmed to be its own business entity under TJ Sports, and no longer be considered as part of Tencent’s gaming business. TJ Sports will also increase its involvement in charity and social work.
