On Friday, the founder and president of Canadian esports organization Team Reciprocity, Chad Larsson, announced that the organization will release all staff. In a video message posted on his Twitter timeline, Larsson explained that this drastic step of scaling down the business comes in response to interim financing being dissolved “given the astronomical crash on the global capital markets.”
Important announcement regarding the future of Reciprocity. pic.twitter.com/iYETHG88Ct
— Chad Larsson (@ChadLarsson) March 20, 2020
On Feb. 27, Team Reciprocity entered into a letter of intent to perform a reverse takeover (RTO) with TSX Venture Exchange (TSXV) listed Rainy Hollow Ventures. Larsson said that his organization will continue working towards completing the RTO.
According to Larsson, the organization will scale down to only its Crossfire team and co-ownership of League of Legends team Rainbow7. Consequently, its currently third-placed team in the European Rocket League Championship Series (EU RLCS) is now for sale. Additionally, Team Reciprocity’s rosters in Rainbow Six Siege, Apex Legends, and Gears of War have been let go.
