OverActive Media shuts down MAD Lions CSGO after $15.4M net loss
MAD LionsOverActive Media has announced the closure of the MAD Lions CSGO side after the company posted a loss of over $15 million in 2021.
MAD Lions are a Spanish org fielding a League of Legends team and, until April 19, 2022, a Counter Strike team, as well.
With one tweet, the CSGO side was no more, with all of their players officially without a home.
MAD Lions cease CSGO operations
In a Spanish tweet on April 19, MAD Lions announced the closure of the CSGO team, which had previously competed at the highest level.
“Today we close a stage in MAD Lions. We announce the closure of the CS:GO division,” the tweet said, according to Google translate. “We have incorporated our players into the transfer market and we will work together with them to find them a new home.”
Hoy cerramos una etapa en MAD Lions. Anunciamos el cierre de la división de CS:GO.
Hemos incorporado a nuestros jugadores al mercado de fichajes y trabajaremos junto a ellos para encontrarles un nuevo hogar.
Queremos agradecer a todos los que han formado parte de este proyecto. pic.twitter.com/pyCCsSvaH8
— MAD Lions KOI (@MADLionsKOI) April 19, 2022
While the tweet didn’t name the exact reason for MAD Lions calling quits on CSGO, the side saw little success after winning Flashpoint Season 1 in 2020.
However, a lack of success might only be part of the story. In their fourth quarter financial results from 2021, OverActive Media revealed a net loss of $15.4 million.
Taking into account the lackluster performance, and the financial losses of their parent company, it makes sense then that OverActive chose to axe MAD Lions CSGO side, instead of the more successful LoL team.
FlashpointMAD Lions players are now free agents, but it remains to be seen which teams will end up picking them up.
The org could return to CSGO in the future, but for now it seems that MAD Lions and OverActive media are bidding farewell to CSGO for the foreseeable future.