Finances  ·  Esports

ORDER seeking new owner following collapse

by Adam Fitch · ${ (new Date("2022-08-17T09:08:00+00:00")).toLocaleString(userLocale, { timeZone: userTimezone, dateStyle: "short", timeStyle: "short" }) }}
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ORDER seeking new owner following collapse
ORDER

Australian esports organization ORDER has entered voluntary administration and is exploring a sale with a "dozen interested parties."

Chaos from ORDER: The esports org has not spoken publicly about recent happenings.

  • ORDER entered into voluntary administration on August 12, appointing Shane Justin Cremin of insolvency firm Rodgers Reidy as Administrator, having run out of capital. This was first reported by The Australian.
  • The report states that the organization owes roughly $200,000 to creditors, as per the insolvency firm. It's said that the pandemic caused financial issues for the company and it unsuccessfully tried to raise more funding in the past six months.
  • “We are running an accelerated sale of business campaign with all assets being made available," David, Holton, Director of Rodgers Reidy, told The Fudge Retort. "We have around a dozen interested parties who are at various stages of their consideration with offers due on Tuesday 23 August."

The company: It's owned by Disorder Media House, a Melbourne-based "media house."

  • At least a dozen employees were reportedly laid off from ORDER in July, having been informed in a remote meeting on July 7.
  • According to its website, it fielded teams in League of Legends, Counter-Strike: Global Offensive, VALORANT, Fortnite, and FIFA. It also housed content creators such as Fasffy and esports host NatTea.
  • It raised over $4M in investment in April 2021 and cited that it would utilize the funding to "diversify" its offering into content and apparel. Despite being in the middle of the pandemic and subsequent lockdowns, the org had an "aggressive growth strategy" at the time according to its Chairman.