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Back in May, we concluded our investigation into alleged comments made by a member of the Echo Fox ownership group and directed Echo Fox to take corrective action within 60 days. On July 23, Echo Fox submitted a proposal to sell its slot in the LCS to Kroenke Sports & Entertainment but that sale did not come to fruition.
On August 13, the LCS and Echo Fox entered into an agreement that will terminate Echo Fox’s participation in the LCS. As part of that agreement, the LCS will sell the now-vacant tenth slot in the LCS and will provide the bulk of the proceeds from the sale to Echo Fox.
Starting on August 16, 2019, we’ll be opening a 30-day application process to select our new long term partner for the open slot in the LCS. We’ll be using an expedited process similar to the 2017 system that we used to select our initial long-term partners. We will focus on evaluating each applicant’s ownership profile, brand strategy, business plan, and team operational plan. Our goal remains to have an orderly transition as we add a new LCS team ahead of the 2020 season.