Rick Fox has come to a private settlement agreement with Echo Fox shareholder Vision Esports, as reported by Newsweek.
The agreement results in lawsuits filed by both Fox and Vision Esports being dropped, leaving Fox to pursue other opportunities in the industry.
Details surrounding the settlement haven’t been disclosed at the time of writing, though it’s reported that Fox will launch Twin Galaxies International with Jace Hall now that’s he not tied to Echo Fox.
The dispute between Fox and partners at Echo Fox started in April. Fox sent an email internally to major shareholders, explaining that racist remarks were used by Amit Raizada towards himself and others.
Riot Games gave Echo Fox 60 days to remove Raizada should the organisation wish to retain its LCS slot. Kroenke Sports & Entertainment agreed with Echo Fox to acquire the slot, but the deal didn’t go ahead when Rob Moore, CEO of Sentinels sued KSE for operating outside of an agreement. Evil Geniuses ended up acquiring the slot for a reported $33 million.
Fox later gave Newsweek a statement on his departure, saying: “I have chosen to leave Echo Fox, the esports company that I founded, as a method to end the turbulent fighting and instead just continue to advance my visionary interest in being involved in a number of forward-thinking opportunities in the video game space with other strong, credible partners that share my values.
On the court and in the business world, teammates are everything and there must be unity and a shared sense of purpose in order to succeed. In the case of Echo Fox, the significant difference of values, ethics and commitment to integrity was very problematic and damaging. I have shared my thoughts on this in my past statements and court filings, and sincerely hope that my experience can help provide further insight for people who should of course make their own judgements and determinations. I have learned some very painful lessons, and am relieved to now be moving on towards more positive business experiences.”
Esportsinsider.com