Latest “Nadeshot Knows” episode unravels 100 Thieves financial sustainability issues
Thieves founder and CEO Matthew “Nadeshot” Haag discussed the LA Thieves’ impending rebuild and the state of esports on the most recent “Nadeshot Knows” podcast.
In 2022, the Call of Duty League (CDL) team of 100 Thieves, the Los Angeles Thieves, experienced a paradox of success and financial loss. Despite clinching a world championship title, the team ended the year with a staggering $2.5 million loss, as revealed by the organization’s President and COO, John Robinson, on a recent podcast.
To shed light on why 100T decided to part ways with all players on its 2023 CDL roster, Robinson detailed the financial hit the esports organization took with its CDL team in 2022. Last year, LA Thieves bagged a $500,000 major and a $2.55 million world championship event.
Robinson stated: “We lost $2.5 million on our Call of Duty program last year when we were the world champions.”
Although he would endure the losses again for a world title, he emphasized the unsustainability of such a financial model.
The organization’s stability was questioned in July 2022 when 100T laid off employees and again in January 2023 when more staff and the chief revenue officer were let go. Robinson also discussed a lofty goal set for all of 100T’s businesses, including its Juvee energy drink, Higround keyboard and peripherals business, content, apparel, and esports. The goal is profitability, a target long pursued by esports organizations.
All this financial strain has led to a complete rebuild for LAT. Nadeshot, a former COD pro, expressed his reluctance to let go of the players, but acknowledged the necessity of the move. He expressed excitement about the prospect of being underdogs and working with younger players.
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