Two football clubs eye stake in Fnatic, one in Germany

Two football clubs, one reportedly based in Germany, have approached UK esports organisation Fnatic about buying an ownership stake, according to reports from independent industry sources. Additional detail about the approaches has been shared by a French esports businessman.

The contacts come as Fnatic explores selling shares after being linked to buyout interest since 2025. The organisation has been reported to seek a valuation of around US$100 million for the sale of equity, a figure cited in the recent accounts of the discussions.

Fnatic operates five major competitive rosters. Its League of Legends European Championship (LEC) and Valorant (VCT) teams participate in franchised leagues and are the organisation’s largest assets. The company also fields teams in Rainbow Six, Counter-Strike 2 and Apex Legends. Fnatic’s social channels list roughly 1.6 million followers on X, about 1 million on Instagram and close to 700,000 subscribers on YouTube.

Estimating a full-company price is complicated by recent asset transactions and industry commentary. Sales of other organisations and franchise slots have produced varied valuations. Some transactions have suggested an LEC slot can trade near €30 million; other industry estimates put a slot closer to €20 million, and some participants have suggested prices could fall toward €12 million.

Market conditions are a factor in current talks. Private equity and venture capital investment that supported esports growth in earlier years has reduced since the post-COVID downturn in the sector, and multiple organisations report limited profitability. Those funding changes have affected how some teams and investors approach share sales.

Fnatic has pursued new revenue products as it seeks to broaden income. The organisation launched Stash’d, a Counter-Strike case-opening site, which drew criticism from parts of the community over its similarity to gambling products and questions about consumer protections.

There has been no official confirmation from Fnatic about any discussions with football clubs. The company’s public filings at the UK Companies House have not been updated since Oct. 16, and no terms or agreements connected to the reported approaches have been independently verified.