LCS Commissioner Chris "GRZA" Greeley has confirmed in a statement that the LCS and Echo Fox had reached an agreemnt to terminate the latter's involvement in the former. However, if a recent report via Upcomer proves true, that process may be much more convoluted than originally thought.
The LCS will now sell the vacant LCS slot via a 30-day application process that begins on August 16th now that the proposed purchase by Kroenke Sports & Entertainment has fallen through. Echo Fox will be proviced the bulk of the proceeds from the sale of the slot.
The full statement reads as follows:
"Back in May, we concluded our investigation into alleged comments made by a member of the Echo Fox ownership group and directed Echo Fox to take corrective action within 60 days. On July 23, Echo Fox submitted a proposal to sell its slot in the LCS to Kroenke Sports & Entertainment but that sale did not come to fruition.
On August 13, the LCS and Echo Fox entered into an agreement that will terminate Echo Fox’s participation in the LCS. As part of that agreement, the LCS will sell the now-vacant tenth slot in the LCS and will provide the bulk of the proceeds from the sale to Echo Fox.
Starting on August 16, 2019, we’ll be opening a 30-day application process to select our new long term partner for the open slot in the LCS. We’ll be using an expedited process similar to the 2017 system that we used to select our initial long-term partners. We will focus on evaluating each applicant’s ownership profile, brand strategy, business plan, and team operational plan. Our goal remains to have an orderly transition as we add a new LCS team ahead of the 2020 season."
Just when it looked like the situation might finally get less complicated, a report by Upcomer claimed that an email chain obtained by the publication point towards a high likelihood of 83% of Echo Fox's limited partners demanding Rick Fox's immediation resignation. The report also stated that Peak6, parent company of esports organization Evil Geniuses, a well as The Shapiro Group, were interested in buying Echo Fox's now vacant LCS slot.
The story is still developing and updates will be provided as more information becomes available.