Newbee Secures Sponsorship from Intel Amid Financial Crisis
Despite facing financial troubles and underperforming in recent competitions, Newbee has managed to secure a new sponsor.
The Chinese organization announced that technology company Intel is joining its list of sponsors, which already includes NVIDIA and Sennheiser Gaming.
This sponsorship comes at a challenging time for Newbee, as the team has been grappling with a financial crisis. According to VP Esports, Newbee owner Yue Wang has outstanding debts to various individuals and companies, a recurring issue for him.
In 2017, employees from LanYou, Newbee’s parent company, sued Wang for failing to pay their salaries for several months. One employee even claimed to have gone unpaid for five months. The case was settled with employees receiving 60 percent of their base salary but no additional benefits.
In response to negative posts about him, Wang reached out to the individuals and asked them to delete the content. He assured them that the company board had the money and that he would pay everyone at the end of the month. However, these promises were broken, and Wang has since been relatively absent from social media.
Recently, public pressure has grown for Wang to pay off his debts to other figures in the esports industry. Chen Qing, an investor in Vici Gaming, publicly criticized Wang on a Chinese social media site, suggesting that Wang owes money to Qing and others in similar positions.
Owner of Invictus Gaming, Sicong Wang, came to Qing’s defense, confirming that there are multiple individuals owed money by Newbee’s owner. Sicong also mentioned that there is a prioritized list for repayment.
While the extent of Newbee’s financial troubles remains unclear, the sponsorship from Intel may help alleviate some of the reported debt. However, the organization will need more than just financial support to regain their former status as a legendary team, considering their subpar performance this season, including their failure to qualify for major events like The International.
H/T VP Esports