Savvy Games Group invests $265M in VSPO

Last week, Savvy Games Group, which is owned by the Saudi Arabian Public Investment Fund (PIF), has poured big bucks into esports, striking a $265 million deal with VSPO.

The companies said the agreement symbolizes a landmark commercial partnership between China, the world’s largest esports market, and the Kingdom of Saudi Arabia, which is implementing Vision 2030 to become a leading global hub for gaming and esports. 

The investment has also drawn criticism, with many saying that Saudi Arabian money is intended to greenwash the country’s human rights problems, including the 2018 assassination of journalist Jamal Khashoggi.

Savvy makes massive investment in VSPO

VSPO (formerly VSPN) is a Chinese esports agency that maintains multiple esports teams and individual players. The acquisition will give Savvy an equity stake and make it the largest institutional shareholder in VSPO. Saudi Arabia aims to become one of the world’s major centers for gaming and the industry is expected to contribute 1 percent of the country’s gross domestic product by 2030.

Saudi King and Savvy Games Group Chairman Prince Faisal bin Bandar bin Sultan Al Saud commented:

“We envision a thriving global esports sector with a vibrant, talented and dynamic community at its core, and we appreciate the immense opportunities for this industry, especially here in the Kingdom of Saudi Arabia with such a young population of approximately 23 million enthusiasts.”

“This investment is one part of the ambitious plan that will enable and support the esports ecosystem in Saudi Arabia. Attracting international companies to Saudi Arabia through investments and partnerships will contribute to providing skills, knowledge transfer and building capabilities in the whole ecosystem.”

“This is an exciting time in the global esports industry, and we are delighted to be working with Savvy to grow the sector worldwide. We believe we can take this industry to the next level and deliver our aligned vision; bringing communities together through esports.”

“This historic investment will strengthen our ambitious global strategy, with a particular focus on Asia and the Middle East where we will support Savvy’s vision to grow esports
throughout this incredibly dynamic and young region.”