After what has been a torrid 2022, Esports Entertainment Group (EEG) have announced that they are to appoint Alex Igelman as the new Chief Executive Officer (CEO) of the company.
Mr Igelman takes on the role having amassed over 30 years of experience within the gaming sector. Although he is qualified as a gaming lawyer, he has also enjoyed success as the co-founder of FairP2P and Esports Capital Corp., both of which have been amongst the leading companies within their respective gaming niche.
The Chair of the Board of Directors, Jan Jones Blackhurst, commented:
“We are excited to have Alex join the senior leadership team. He brings a wealth of knowledge and experience and fresh perspective as we move the company forward.”
Who is Alex Igelman?
A graduate of York University Osgoode Hall Law School, Mr Igelman lists his specialities as gambling, esports and technology on his LinkedIn bio.
He is a co-founder of two successful companies in Esports Capital Corp. and FairP2P and has been an advisor to the Spectrum Gaming Group for almost five years.
Mr Igelman was also a co-founder of the Millennial Esports Corp in 2016 and was MD of Gaming Research Partners from May 2007 to October 2016.
He was awarded an Intriguing People award in 2017 by Vegas Seven Magazine, which awards people who are “Thought Leaders. Noisemakers. City Changers. Cultural Innovators.”
What will Mr Igelman need to focus on at EEG?
There’s no doubt that EEG are hoping the appointment of Mr Igelman will be the start of a revival of fortunes for the company after what was a tricky 18 months period and a hugely worrying end to 2022.
That culminated in the news in December when EEG sacked CEO Grant Johnson.
Before that, in November 2022, there was shock around the world when EEG’s signature esports product Vie.gg closed down without warning across multiple jurisdictions, including Spain, New Jersey and the United Kingdom.
That came on the back of plummeting share prices over the previous 18 months, which had seen the company’s share value decrease by 97% year-on-year.
Delisting from the NASDAQ looked possible but was averted with a stay of execution for the company on the 30th of November. Still, one of Mr Igelman’s first tasks will be stabilising the company and raising share prices from a low of $0.12 to the NASDAQ minimum of $1.00 per share.
Indeed Mr Igelman stated as much in his statement after being appointed CEO when he stated, “The company will continue to structure its operations and financial position to maximize value for shareholders.”
Is Alex Igelman the right man to revive EEG’s fortunes?
One positive for EEG is that Alex Igelman’s CV is hugely impressive, and it is clear he has the skills, knowledge and contacts required to help improve their situation and business model in many ways.
Mr Igelman has already indicated that he will start by focusing on the assets that EEG currently possess when remarking:
“The company is making significant strides to refine its focus on creating a valuable esports brand and is initially looking inward at some of its key assets to kickstart this process.
The company also owns certain valuable assets and relationships in the esports sector and there is a substantial growing addressable domestic esports betting market for the company to take a leadership position in.”
He finished by stating his initial aim as CEO was to “focus on the execution of these transformative initiatives.”
Certainly, Mr Igelman faces a very tricky task in reviving EEG’s fortunes but opting to make the most of the assets the company already possesses already sounds like a promising start.