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Official: Esports Entertainment Group board sacks CEO Grant Johnson
Sharpr is a weekly newsletter covering the intersection of esports and betting
Hi everyone, Cody here.
Today we’re shipping our first-ever Monday edition of the newsletter, because some news can’t wait.
We’re coming to you today with breaking news from Esports Entertainment Group, whose board of directors has allegedly ousted long-time CEO Grant Johnson from the company.
Let’s jump in.
Esports Entertainment Group board sacks CEO Grant Johnson
UPDATE — December 6, 12:33PM ET: Grant Johnson has confirmed for Sharpr he is no longer with the company.
Esports Entertainment Group’s board of directors has ousted long-time CEO Grant Johnson, according to multiple sources.
At the time of writing, EEG has not yet confirmed Johnson’s departure, although messages sent to his former company email address now register as undelivered.
One anonymous source online claims First Capital Ventures CEO & Founder Gary Graham is set to take over Johnson’s role as CEO of the company.
The company revealed this afternoon that it has received approval to continue listing on the NASDAQ, despite more than a year of tumbling share prices and a stark financial outlook.
The news would put yet another panic-struck spin on EEG’s turbulent downfall, which has seen the company sell off its esports assets, shutter its esports betting platform VIE, and stand by as board members and executives alike jump ship in the last six months. All of this while wrestling with increasingly grim financial conditions, where share prices have slid upwards of 97% year-over-year and, until today’s news referenced above, a NASDAQ delisting seemed certain.
Unconfirmed rumors suggest First Capital Venture’s Gary Graham will take reigns as the new company CEO. His venture capital firm was a significant backer of EEG since as early as 2017, with a total of disclosed investments in the company amounting to $1.2M.