Two football clubs, including German side, eye Fnatic stake

Two football clubs, one believed to be German, have opened talks to buy a stake in U.K. esports organization Fnatic, according to Spanish podcaster Allio and French esports businessman Varizan. The discussions concern the sale of ownership shares rather than a full takeover and follow earlier reports that Fnatic sought a buyout in 2025.

The organization reportedly sought a valuation of about US$100 million for a share sale, according to the same sources.

Recent transactions and public commentary show differing valuations for League of Legends European Championship (LEC) franchise slots. The sales of Karmine Corp and Team Heretics have suggested a slot value near €30 million. Streamer Caedrel has discussed figures around €20 million, while Team Falcons has suggested values near €12 million.

Fnatic operates teams in the LEC and the Valorant Champions Tour, plus Rainbow Six, Counter-Strike 2 and Apex Legends. The organization has about 1.6 million followers on X, roughly 1 million on Instagram and nearly 700,000 YouTube subscribers, where Valorant content is a core part of its output.

Private equity and venture capital investment in esports declined after the post-COVID period. Few organizations report profitability, and selling partial ownership has become a more common way for teams to raise capital.

Fnatic recently launched Stash’d, a Counter-Strike case-opening site that drew criticism over similarities to gambling products and questions about consumer protections.

There is no public confirmation from Fnatic. Its UK Companies House filings have not been updated since October 16. Formal announcements or regulatory filings would clarify the size of any stake and the identities of the clubs involved.