Saudi Arabia’s Savvy Games Group has invested $265 million in VSPO, a Chinese esports startup specializing in tournaments, venues and production. VSPO said that Savvy Games Group, owned by Saudi Arabia’s Public Investment Fund, will now become VSPO’s single largest equity holder. VSPO said it plans to use the funding to expand its global business operations. The transaction from Savvy Gaming Group, which Saudi Arabia’s Public Investment Fund owns, is expected to close at a later date.
VSPO’s CEO, Dino Ying, stated:
“This is an exciting time in the global esports industry and we are delighted to be working with Savvy to grow the sector worldwide. The deal symbolizes a landmark commercial partnership between China, the world’s biggest esports market, and the Kingdom of Saudi Arabia, as it implements Vision 2030 to become a leading global hub for gaming and esports.”
