CLG reportedly accepts investment from the Madison Square Garden Company
CLG is set to accept an investment from the Madison Square Garden Company, according to an ESPN report.
The Madison Square Garden Company is a multi-billion dollar company that owns many large venues, with its most notable being Madison Square Garden in New York City. In addition to venues, the Madison Square Garden Company owns sport teams, including the New York Rangers and the New York Knicks.
This reported arrangement with CLG isn't the Madison Square Garden Company's first time dealing with League of Legends. Riot Games hosted its 2016 World Championship, and 2015 NA LCS Summer Split finals at Madison Square Garden. Funnily enough, that NA LCS final was won by CLG.
This deal marks CLG's first time accepting major investment, as the organization just barely made the application deadline for the NA LCS permanent partnership program, set to start in 2018. The deal with the Madison Square Garden Company will give CLG enough capital to afford the initial cost, which involves a $10 million buy-in fee required to become a permanent partner. Riot Games is set to announce their permanent partners in Q4 2017.
As one of North America's oldest endemic League of Legends organizations, CLG are currently third in the 2017 NA LCS Summer Split.