After just four years, Danish esports organisation North has announced its closure through a statement posted on the official Football Club Copenhagen (FCK) website.
In the announcement, translated from Danish, investors Parken Sport & Entertainment and Nordisk Film state that as a consequence of COVID-19’s effect on the experience industry, the two partners will pull their investments from the esports team and instead focus on their core businesses.
From the announcement, Lars Bo Jeppesen, Chairman of North and Director of Parken Sport & Entertainment, states that the investors are ‘very sorry to close North’, which has made a ‘great impression in international esports’.
In November of 2020, former CEO Christopher Håkonsson stepped down after only one year with the organisation. Alexander Pedersen, who previously spearheaded North’s rebrand, stepped in as interim CEO while the organisation sought additional investment.
Despite North’s partnership with YouGov, Danish computer manufacturer MM Vision, Swedish energy drink Nocco, Danish high-end audio company EPOS, and French tech company Capgemini — the added value wasn’t enough to sustain the organisation.
In the announcement, Jeppesen states that the organisation was not successful in their investment search for a correct match and acknowledged that the organisation required “significant continued investment to create a sustainable business in the future.” Jeppesen stated that the responsibilities of the businesses at this time are to focus on their core and growth