Business
Proposed asset acquisition by DCB Sports
Proposed asset acquisition by DCB Sports.
About this update from Defence Holdings Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nPress release\n \n5 August 2024\nGuild Esports PLC\n \n(\"Guild Esports\", \"Guild\" or \"the Company\")\n \nProposed asset acquisition by DCB Sports\n \nThe Directors of Guild Esports, (LSE: GILD), a global gaming-focused media business, inform shareholders that the Company has signed a letter of intent (\"LOI\") with DCB Sports LLC (\"DCB Sports\"), pursuant to which DCB Sports will acquire 100% of the assets of Guild Esports as well as assuming all disclosed liabilities of the Company (the \"Transaction\"). There is no guarantee that the Transaction will complete, and Guild remains in discussions with other parties.\n \nShould the Transaction complete, DCB Sports will assume and run the Guild brand, backstop future working capital requirements for the private business, provide ongoing capital sufficient to allow it to operate on a stable financial platform and further develop its existing partnerships with studios and creatives both domestically and abroad.\n \nThe Transaction remains subject to, amongst other things, entering into a definitive legal agreement and the completion of a comprehensive due diligence.\n \nDCB Sports is a California-based investment management company specialising in emerging sports teams and novel leagues led by Managing Partner Gary LaDrido. The purchase of the Guilds's assets represents DCB Sports' first investment in esports.\n \nPreviously, DCB Sports led a consortium of investors in the purchase of a Los Angeles-based team in Big3, a 3-vs-3 basketball league founded by hip-hop artist 'Ice Cube'. DCB Sports is also invested in The Bay Golf Club, the San Francisco based Team of the TGL, an upcoming indoor golf league, alongside 4-time NBA Champions and NBA legends Steph Curry and Klay Thompson; Venezia FC, an association football team in Serie A; the National Thoroughbred League, a horse racing league; and most recently participated in the Series A of TMRW Sports, a new t...