Esports Entertainment Group brings in Igelman as new CEO
Esports Entertainment Group (EEG) has appointed Alex Igelman as its new CEO, following the departure of Grant Johnson last month.
Alex Igelman brings a wealth of experience to EEG, having dedicated over 30 years to advancing the gambling industry. His impressive track record includes a variety of leadership positions that highlight his deep understanding of igaming dynamics.
Most recently, Igelman co-founded Esports Capital Corp, a specialized consultancy focusing on the burgeoning esports landscape, and the FairP2P self-regulatory organization, which emphasizes monetized competitive peer-to-peer skill-based gameplay. These ventures underscore his commitment to innovation in gaming.
Adding to his credentials, Igelman established Spectrum Esports Advisors, a strategic partnership with Spectrum Gaming, alongside the Millennial Esports Corp, a comprehensive mobile gaming publisher. His extensive background also includes over nine years as Managing Director at Gaming Research Partners, combined with consulting roles for notable entities such as Canada Bonded Attorney, Stronach Group, and Progamingleague.com.
In his diverse career, Igelman has held positions such as Counsel at Goodman and Carr, Managing Director for Canada at Businessdevelopment.com, and as a Barrister and Solicitor. These roles reflect his multifaceted expertise in both legal and business aspects of gaming.
“I am excited about the opportunity to join EEG at this pivotal moment in its journey and to collaborate with someone of Jan Jones Blackhurst’s caliber,” said Igelman. “The company is making significant progress in refining its focus on building a valuable esports brand, looking inward at key assets to initiate this process. With its existing assets and relationships in the esports sector, EEG is strategically positioned to lead in the rapidly expanding domestic esports betting market.”
“We are committed to structuring operations and optimizing our financial position to maximize shareholder value. I am eager to leverage my experience to lead the execution of transformative initiatives,” he added.
Chairperson Blackhurst remarked, “We are thrilled to welcome Alex to our senior leadership team. His extensive knowledge, experience, and fresh perspective will be instrumental as we advance the company’s strategic vision.”
Challenges Facing Esports Entertainment Group
This leadership transition follows the resignation of long-time CEO and Chair Grant Johnson, a move initiated by the EEG board. Shortly after this announcement, Jan Jones Blackhurst was appointed as the new chair.
EEG has faced a challenging landscape in recent years, marked by brand closures, a debt default, and significant operating losses. In May, the company disclosed in its quarterly financial report that there was “substantial doubt” regarding its ability to sustain operations.
Last October, EEG revealed its vulnerability to an unnamed creditor following a debt default. In December, the company announced it had narrowly avoided delisting but was advised to dramatically increase its share price by February to retain its listing on the Nasdaq exchange.
The igaming firm has initiated a restructuring plan, including the anticipated closure of its online casino business in Spain by December 12, with proceeds primarily earmarked for reducing the principal on a senior convertible note.
Additionally, EEG shut down its Argyll iGaming operations—encompassing the RedZone and SportNation brands—in the UK and Ireland due to unsustainable operational costs and profit challenges. The decision to close these brands was previously announced.
Going forward, EEG aims to explore additional strategic options for its igaming business, including a potential sale of its igaming assets, in response to escalating regulatory pressures and competitive market conditions. By adjusting its strategy, EEG seeks to rebuild and position itself as a leader in the competitive gaming landscape.
