Thursday January 14,2016 : SINGAPORE E-SPORTS COMPANY SHUTS DOWN
Titan calls it a day due to financial difficulties.
One of the leading companies in the Asian eSports market, Singapore-based Titan has warned that it is about to shut down due to financial difficulties.
Making the announcement on Titan's website Wednesday, founder and CEO Damian Grust said that the company could not continue to pay its teams or staff, and named the genesis of the company's misfortunes as a cheating scandal in late 2014 which resulted in a Titan player being banned.
This had tarnished the company's reputation, making business deals with sponsors and potential partners difficult, and this had impacted the company's financial well-being despite determined efforts to keep the enterprise afloat through 2015, he said.
“We fought the entire year, trying to secure sponsorships that would enable us to keep a struggling, but great CS:GO team as well as our SMITE team," Grust wrote. "We also sought advice from agencies and lawyers to maybe even sell shares in the company, or merge with another one. None of these scenarios materialized with any of the potential partners we spoke to.”