LoL (League of Legends) Esport’s Astralis has pretty much thrown in the towel and will play the upcoming summer season with a “budget” team. The team lost its only good player and kicked a couple of weaker performers; they were replaced by players whose best years are already behind them. It seems very clear that the goal is to sell that league spot and hang on by a thread until then. A challenge could be that the league has the right to kick a team out (and force it to sell its spot) if the team doesn’t make the playoffs for four seasons in a row. In the eyes of viewers, Astralis is starting to look like a joke organization.
If the league spot could be sold (Karmine Corp and KOI have both stated their goal is to get into LEC, and there are certainly other teams), Astralis’s EV at current values would be negative, but I’m a bit skeptical whether the company would make decisions after the sale that would be in the best interest of shareholders. There would certainly be buyers for the spot, but the price will be a question mark.