In November 2018, Riot Games rebranded from the EuropeanLeague of Legends Championship Series to theLeague of Legends European Championship (LEC). The newly-franchised competition was set to commence on January 18, 2019, with the announcement of 10 final franchise partners for the 2019 season. The returning teams includedFnatic,FC Schalke 04,G2 Esports,Misfits Gaming,Splyce, andTeam Vitality. The four new organizations includedExcel Esports,Rogue,SK Gaming, andOrigen.[1][2]
Riot Games began accepting applications with buy-in prices set at €8 million for existing teams and €10.5 million for new entrants. The selection process for the league involved a three-stage application process running through December 2018. Interested parties submitted applications outlining finances, team plans, and ownership background. Selected applicants underwent in-person reviews with Riot Games representatives.[3]
The revenue pool, consisting of league sponsorship and media rights, individual team sponsorships, and merchandising revenue, were distributed among Riot Games, teams, and players. Players received 35% of the revenue pool to fund their salaries, with the excess distributed among them. Riot Games utilized 32.5% for broadcast production, live events, and other expenses, while the remaining 32.5% will go to the teams, part of which was equally distributed. The minimum player salary was also increased from $29,791 to $74,749 yearly. Riot Games planned to introduce a player development platform, providing support for aspiring professionals in areas like personal finance and healthcare.[3]
