Riot Games, the publisher of LoL, has extended the deadline for the applications for joining the NA LCS. It has been reported that the investors are having trouble finding the $10 million that is necessary.
July 14, the original deadline, has been extended two weeks, till July 28, claims Sports Business Daily. This move should allow the investors to come up with $10 million, which hasn’t been an easy task considering the short time frames.
SBD also reports that there seems to be “massive demand for one of the permanent spots in the reformatted league”, which could have also pushed Riot Games towards extending the bidding deadline.
A Riot Games spokesperson said to theScore esports that the decision was made “to allow some applicants a bit more time to pull everything together to submit”.
Riot came out with franchising details this June, after plenty of rumors. The payment structure was confirmed to allow a ‘half-now, half-later’ model, with the company’s Whalen Rozelle saying that “the goal is not to create a barrier that is so high that a team that should be in the league can’t get into it.”
The announcement could be an indication that they were too sure of themselves and overestimated the amount of time it would take some organizations to gather $10 million.
Along with the money ($10 million + extra $3 million for newcomers), organizations are expected to provide a comprehensive business plan which should cover everything from infrastructure, costings, fan engagement strategies and branding to revenue sharing.
Organizations will need to outline how they plan to cover the new minimum salary for players – $75,000, along with their plans to help grow League of Legends viewership. Riot still plans to confirm the winners in November.