Government-sponsored eSports company to close

An eSports company sponsored by the government is going into voluntary liquidation.

In a statement, X7 - sponsored by Digital Isle of Man - says it will be winding down over the next few weeks.

The firm was the Island's first professionl eSports outfit when it was set up in 2020 and competed in the League of Legends United Kingdom Esports League Summer Open Qualifiers, notching up a flawless 10-0 win record.

However, founder Josh Kingett says it unsuccessfully looked for investment in January and April and factors such as inflation, the Ukraine war, rising cost of living and the cryptocurrency collapse meant the company is no longer viable.