Investor buys Overwatch League’s Houston Outlaws for eye-popping sum
Robert Paul/Blizzard EntertainmentThe Overwatch League’s Houston Outlaws officially have a new owner after they and the rest of Optic brand were acquired by Immortals Gaming back in June.
After Immortals completed the purchase of OpTic Gaming holding company Infinite Esports and Entertainment, the company ended up owning two Overwatch League teams: the Outlaws and the L.A. Valiant.
On July 31 ESPN’s Jacob Wolf reported that the Outlaws will soon have a new owner, Houston real estate investor Lee Zieben, for a cool $40 million.
When does the deal go down?
Zieben and Immortals have agreed to the terms of the deal, but apparently it wont be completed until late August.
Wolf said Zieben has a binding letter of intent to purchase the Outlaws from Immortals – with paperwork and Overwatch League approval being the only things left to happen according to sources inside the league.
Zieben is Founder and President of the Zieben Group in Houston Texas.Immortals obviously hasn’t wasted any time finding a buyer for the Outlaws after acquiring the Optic brand in June, which they’ll still own after the Overwatch League slot it sold off.
Zieben will pay $30 million in cash and securities as well as $10 million for the Outlaw’s remaining debt to the League according to ESPN.
The transaction will also split the Outlaws from the Optics brand and organization for the first time.
Why did Immortals sell Houston?
After buying out Infinite Esports and Entertainment Immortals were required by the Overwatch League to sell them ASAP to someone else, since Immortals already own the Valiant.
The Outlaws new owner is also a Houston-based real estate investor, which could be a good thing headed into the new Homestand format for Overwatch League Season 3 in 2020.
The Outlaws should have a new owner by the end of August, according to reports.We know who the new owner of the Outlaws will be and the details of the deal, but it will be interesting to see if Houston goes through any major branding changes before next season – now that they’re no longer part of the Green Wall.