ESL and Faceit have been sold for $1.5 Billion, the largest esport sale in history.

The sports company was sold by Modern Times Group (MTG) to Savvy Gaming Group who is backed by the Saudi Arabian government public investment fund.

ESL said in a statement: “Competitive gaming is about starting your own path, challenging your game, and aiming to become a World Champion one day.

“This is at the core of what ESL and FACEIT have been building over the last twenty years, and now we are teaming up.”

The deal will include the merging of ESL and Faceit into the ESL FACEIT Group, with the intent to combine their technologies to create the ultimate gaming platform.

The new company plan to promote more stability in the North American esports sector through the increase of competitions and create more incentives for pro teams to interact.

“By working together within the same group, we are in a better position to make long term investments and create strong synergies across multiple products to support the development of competitive gaming.” ESL continued.

The merger aims to establish a global ecosystem of esports accessible to all.

“Today we are teaming up to create more integrated, accessible and sustainable ecosystems for fans, players and teams of multiple games.” ESL continued.

The Savvy Gaming Group was established in 2021 to drive the longterm development of the global esports industry.

Saudi Arabia’s Public Investment Fund control $500 billion of the countries wealth and is controlled by Saudi Crown Prince Mohammed Bin Salman.

The Public Investment fund acquired Newcastle Football Club in 2021 and have been accused by Amnesty International for “sportswashing”.