Esports Entertainment Group (EEG) has named Alex Igelman as its new CEO following the departure of Grant Johnson last month.
Igelman is an experienced igaming executive who has served in various roles throughout his 30-year career in the gaming industry.
In recent years, Igelman co-founded Esports Capital Corp, a bespoke esports advisory firm, as well as the self-regulatory organization FairP2P, which focuses on monetized, competitive, skill-based peer-to-peer gameplay.
Additionally, Igelman co-founded the strategic alliance Spectrum Esports Advisors with Spectrum Gaming, as well as the integrated mobile gaming publisher Millennial Esports Corp.
He previously served as Managing Director at Gaming Research Partners for over nine years and also worked in advisory roles for Canada Bonded Attorney, Stronach Group and Progamingleague.com.
Igelman has also worked as an attorney at Goodman and Carr, as managing director for Canada at Businessdevelopment.com, and as a lawyer and solicitor.
“I am excited about the opportunity to join EEG at this important stage in its journey and to work with someone as experienced and respected as its new chairman, Jan Jones Blackhurst,” said Igelman.
“The company is making significant strides to refine its focus on creating a valuable esports brand and is first looking inward at some of its key assets to fuel this process. The Company also owns certain valuable assets and relationships in the esports sector and there is a significantly growing domestic esports betting market in which the Company can take a leadership position.
“The Company will continue to structure its operating and financial position to maximize shareholder value. I look forward to leveraging my experience to lead the company and focus on executing these transformative initiatives.”
Chairman Blackhurst added: “We are delighted to welcome Alex to the leadership team. He brings a wealth of knowledge, experience and new perspectives as we move the company forward.”
Issues with Esports Entertainment Group
The appointment came after longtime CEO and Chairman Johnson resigned last month at the request of the EEG board. Shortly after the announcement, Blackhurst was announced as the new chairman.
The change in leadership was followed by several difficult years for EEG with brand closures, a debt default and large operating losses. In May, the EEG revealed in a quarterly financial report that there are “significant doubts” about the company’s ability to continue as a going concern.
In October last year, the group said it was effectively at the mercy of an unnamed creditor after the company defaulted on its debts.
Then in December, the company announced that it had avoided delisting but had been told to dramatically increase its share price by February to remain listed on the Nasdaq stock exchange.
The igaming company laid out plans for a restructuring, with the sale of its online casino business in Spain expected to be completed by December 12th. The proceeds from the sale will be used primarily to repay the principal of a convertible senior note.
Meanwhile, EEG also closed its Argyll iGaming operations – which operate RedZone and SportNation – in the UK and Ireland in December due to high operating costs and an inability to generate profits. EEG had already announced that it would close its RedZone and Sport Nation brands in the UK.
In addition, EEG announced that it would explore further strategic options for the iGaming business, including exploring a possible sale of iGaming assets due to increasing regulatory burdens and increasing competition.