Complexity has shut down after 23 years in esports, Complexity Founder Jason Lake has confirmed. Founded in 2003, Complexity was one of the world's longest-standing esports organisations. According to the organisation, it has won more than 140 championships across nearly 30 games.
In a message to fans, Lake said the decision to close the organisation was made at the end of last year. He had reacquired Complexity a couple of years ago and admitted he knew it would be "an uphill battle".
A key factor was a seller-held note, a type of financing where the previous owner of a company lets the buyer pay off part of the purchase price over time. Lake explained that he and his team looked at the state of the business and its chances of raising enough money to pay that note off.
"We surveyed the landscape, surveyed where the business was at and prospects for raising capital to pay off the seller-held note, and decided the best thing to do was to shut it down in an orderly and professional way rather than crashing it into the sun, as sometimes we see with other organisations," Lake said.
It means that, for the first time in 23 years, Lake and his core team are no longer part of Complexity. Some members of that team had worked alongside him for more than 15 years. Lake chose to use the message to look back rather than dwell on the closure. He said: "Rather than focus on the sadness of something ending, I much rather prefer to really just focus on 23 years of something wonderful."
He thanked the hundreds of former staff, players and investors who passed through the organisation, as well as its fans. He also revealed that people were still contacting him about buying Complexity jerseys, which are no longer available.
"The words 'thank you' sometimes almost feel hollow or not sufficient," Lake said. "I really don't know what else to say. Thank you very, very much." According to Lake, most of his former colleagues have already found new roles. He asked other esports leaders to reach out to Katie, Complexity's former social media lead, who is still looking for a position.
Complexity IP transferred back to GameSquare
Complexity's intellectual property (IP), which covers assets such as its name and branding, has been transferred back to GameSquare. The gaming and esports company, which also acquired FaZe Clan in October 2023, held the seller-held note from when Lake bought Complexity back.
"So the IP is still out there, but me and my core team are no longer associated or have any say or ownership whatsoever," Lake said. He added that the corporate, legal and M&A (mergers and acquisitions) work needed to complete the transfer took six months. Lake did not say whether GameSquare has any plans for the Complexity brand.
What's next for Jason Lake?
Lake said he took a sabbatical this year to rest and spend time with his family after years of running the organisation "at a high stress load". He was clear, however, that he is not stepping away for good. "In terms of myself, I'm not done. No way," he said.
Lake added that he is looking for his next project and would like it to be in esports, though he is unsure whether the right opportunity currently exists. "Obviously I hope that's in esports. I don't know in the current state of things if there will be opportunity for me there, but just know that I am most certainly not retiring," he said. "I love to build. I love to lead."
