Nerd Street reportedly looks for buyer, funding amid financial woes
According to a report by James Fudge of The Esports Advocate, Nerd Street are evaluating their financial options for 2023 as they look to overcome "serious financial liabilities". The Esports Advocate understands from multiple anonymous sources that Nerd Street have approached a number of operators in the space and venture capital firms about the possibility of an acquisition or another round of investment.
According to TEA, Nerd Street have cast their net wide as Belong Gaming Arenas, eFuse, PlayFly Esports/PlayFly Sports, LeagueSpot, and SeventySix Capital have all been approached for potential financial arrangements. This news follows earlier reporting by The Esports Advocate on January 20th that Nerd Street had laid off around 25 percent of their staff as part of cutbacks to the struggling tournament operator/venue operator.
Nerd Street did not respond to Fudge's request for comment, however the news follows allegations that Nerd Street were struggling to pay casters and teams from the North American VALORANT Champions Tour, which ran in 2022. Additionally, Nerd Street recently lost the rights to the venerable Fragadelphia CS:GO brand following the decision to lay off Nerd Street co-founder Stephen "sasquatcH" Csikos in September.
The news is deeply worrying in the NA CS:GO space as Nerd Street are set to hold their first event of 2023 at Localhost Philadelphia, the organization's flagship venue.
