Real Estate Investor Reportedly Set to Buy Houston Outlaws
Houston-based real estate investor Lee Zieben has agreed to a $40 purchase of the Houston Outlaws from Immortals Gaming Club, according to a report published Wednesday by ESPN.
Per the report, Zieben will pay $30 million in cash and securities and take on the $10 million debt in remaining payments to the Overwatch League for the Outlaws franchise slot. Zieben has signed a binding letter of intent ahead of the deal, which will close in late August provided the Overwatch League approves.
A Houston real estate developer has agreed in principal to buy the @Outlaws Overwatch League team for $40 million, sources told @JacobWolf.https://t.co/Dm8c05iepE pic.twitter.com/9FMe0ZL1eJ
— ESPN Esports (@ESPN_Esports) July 31, 2019
Immortals Gaming Club declined to comment on the ESPN report, while Zieben's office and the Overwatch League failed to respond to requests for comments.
To avoid conflicts of interest, Immortals Gaming Club was forced to divest from the Houston Outlaws following its acquisition of parent company Infinite Esports and Entertainment as it already owned the Los Angeles Valiant.
During the limbo caused by the impending sale Infinite laid off 19 employees, contributing to unease at the company.
The Houston Outlaws will continue competition in the Overwatch League as usual. The team plays its next match Friday against the Philadelphia Fusion.
Photo by Robert Paul/Blizzard