Fnatic sells club for $100 million? A deeper look into the financial numbers

UK-based esports team Fnatic (FNC) has hired the sports advisory firm Oakwell to explore a potential sale of the club following interest from potential bidders.

Fnatic might change owners in the coming years

According to a report by Sky News, the esports team is working with Oakwell Advisory to field interest from potential buyers for minority investment or full takeover of the business. The sale can be valued at around $100m (£74.7m), after receiving approaches from third parties.

At the current moment, interest has been expressed by investors in the sports and media industries, which could take advantage of Fnatic’s strong branding and legacy in the esports space. Major media companies could also take advantage of finding ways to reach the younger audience.

“As a global leader in competitive gaming, we are constantly evaluating strategic opportunities to scale our international footprint and enhance our performance capabilities,” said Sam Mathews, CEO and founder of Fnatic. “We remain open to exploring various financing options that align with our long-term vision for the continuous growth of esports and gaming.”

How Fnatic performed financially in 2024

In the latest 2024 annual financial statement from Fnatic Limited, the company recorded £8.2 million (€9.36m) in revenues with gross profits of £3.65m (€4.17m). While the gross margin is around 45%, the company still recorded a comprehensive £4.49m (€5.13m), caused by high administrative expenses, which include player, staff salaries, facilities, and travel fees, of over £7.5m (€8.57m).

The loss from the 2024 financial year is even higher than the one from 2023, which amounted to £2.04m (€2.33m). The company saw a 33% year-on-year decline in revenues in 2023 due to the loss of two key partners and the lack of investments in sponsorship markets. Even though the team had increasing revenues from the pro-gaming division, thanks to the expansion in the Esports World Cup, the company had a 57% decrease in digital revenues.

Despite lowering the administrative expenses in 2024, it wasn’t enough to offset the revenue decrease. According to the balance sheet, the company has accumulated losses of £19.685m (€22.49m), meaning its total obligations significantly exceed the value of its assets. From a financial point of view, a $100 million valuation would suggest a 10x revenue multiple. Given the numbers, it’s likely that the valuation would have to rely mainly on the brand value and legacy status within the esports industry.

Based in London but with offices in Berlin and Tokyo, Fnatic is one of the most well-known brands in the esports space, having built over two decades of legacy in competitive gaming. The organization has been successful across several game titles, such as League of Legends, where the team won the first-ever world championship and multiple LEC titles, as well as VALORANT, where the team has reached the grand final at the VCT Champions Tour this year, and was constantly among the best teams in the competitive circuit. FNC also has rosters in Counter-Strike 2 and Rainbow Six Siege.

On the business side of things, Fnatic has had great success launching Fnatic Gear, which produced gaming peripherals such as keyboards and mice. The division sold over one million products, and in August 2025, Sony’s gaming gear brand, INZONE, incorporated Fnatic Gear’s development and assets. Aside from INZONE, Fnatic partners include Red Bull, Blacklyte, Betify, trading platform DLSM, skin rave, and fulllife, among others.