Esports Entertainment Group Board Sacks CEO Grant Johnson

Published: Dec 6, 2022

The esports betting weekly newsletter Sharpr reports that the board of struggling esports giant Esports Entertainment Group (EEG) has decided to sack its CEO, Grant Johnson.

Sharpr revealed that ‘multiple sources’ had confirmed that the board had agreed to part terms with Mr Johnson following a significant downturn in fortunes for the company in the last 18 months.

As yet, the company has not officially confirmed that Mr Johnson will be relieved from his role, but Sharpr has noted that emails sent to Mr Johnson’s former email address at EEG are now returned as undelivered.

EEG Parts Ways with CEO Grant Johnson, according to Sharpr sources

Turbulent Period Leads To “Grim” Financial Forecasts

The news is perhaps not unexpected considering the turbulent period that EEG has endured over the last 12-18 months.

A lack of liquidity, caused by a stock market crash in February, which saw two-thirds of the company’s value wiped out, has seen EEG forced to sell off a number of its esports assets in recent months.

Additionally, the company mothballed its esports betting platform VIE.gg in October this year across multiple jurisdictions (New Jersey, Spain and the United Kingdom) with immediate effect.

Pulling VIE.gg in New Jersey was a damaging moment, coming just months after the platform was released in the State back in April 2022.

In addition, several key board members and executives have left the company within the last six months, including their ex-marketing director and former president of Esports Magnus Leppaniemi, who left the company at the end of August 2022.

This has been set against a backdrop of plummeting share prices, which have seen the company’s share value decline by 97% year-over-year, leading to concerns that the company may well be delisted by NASDAQ.

That was averted when the company received a stay of execution on the 30th November, but the incoming CEO will need to ensure that the share price rises from the current level of just $0.12 per share up to a minimum of $1.00 per share.

Replacement Lined Up?

Just as Mr Johnson’s departure has not yet been officially confirmed, there is also no news on a potential replacement, although Sharpr reports that an anonymous source has stated that First Capital Venture’s Gary Graham will replace Johnson as CEO.

Mr Graham’s firm has been a major backer of EEG since 2017 with investments in the company of around $1.2 million.

This is a developing story that will be monitored for further updates.

Ian John

Since: August 10, 2015

Ian is a regular contributor to EsportsBets. Ian is well-versed in the world of esports betting and casino gaming and has written extensively on the online gambling industry. Ian brings fresh insight into all facets of gaming.

See all articles from this author

Related Articles

February 27, 2024

The BLAST R6 Six Invitational Breaks Records with Viewership

Tom Clancy’s Rainbow Six Siege esports continues to surge as the BLAST R6 Six Invitational becomes the biggest…
Image via Rivalry
February 27, 2024

Rivalry Partners with Launders for Launders LAN in Toronto

Esports book Rivalry and caster and esports influencer Mohan “Launders” Govindasamy have unveiled the Launders LAN, a Counter-Strike 2 tournament…
February 25, 2024

How to Watch the PGL Major Copenhagen

Top-tier Counter-Strike returns in March as the PGL Major Copenhagen 2024 kicks off pitting 24 teams against each…
Best Fortnite Skins 2021
February 20, 2024

Best Fortnite Skins 2024: Which Are The Top 10 Most Popular Skins in Fortnite?

So, you want to flash your cash, and show off your Fortnite fashion to the rest of the…
GSL Season 2 Code S: Betting Preview
February 19, 2024

GSL Code S Season 1 2024 Betting Preview: Odds, Format & Predictions

Kickstarting another season, GSL Code S betting is back with the first season of 2024 kicking off in…
February 14, 2024

Rivalry and Blacklist International Extend Partnership in Dota 2-Focused Venture

Sports betting and media company Rivalry has extended its partnership with esports organization Blacklist International, as the pair of companies…
February 13, 2024

Thunderpick World Championship Returns with $1 Million Prize Pool

Online crypto betting site Thunderpick has today announced the Thunderpick World Championship 2024, an international CS2 tournament with…
Spirit vs FaZe Analysis & Prediction - IEM Katowice 2024 Grand Final
February 11, 2024

Spirit vs FaZe Analysis & Prediction – IEM Katowice 2024 Grand Final

Despite being a rematch from the group stage, this year’s IEM Katowice Grand Final has got everyone excited…