Cancelled Acquisition: CNJ Esports Backs Out of Saigon Buffalo Takeover
A few months ago, CNJ Esports announced they would acquire Saigon Buffalo. Since then, they have concluded that they will not proceed with the transaction.
After the conclusion of the League of Legends World Championship in 2022, Saigon Buffalo began searching for a potential sale and attempting to entice new investors so that they could continue competing in the Vietnam Championship Series. CNJ esports quickly announced their intention to acquire Saigon Buffalo shortly after, citing the latter’s status as one of the most formidable teams competing in the VCS competition. The two parties got the ball rolling on finishing the transition’s necessary procedures.
This was the case until the 9th of February, 2023, when JUEGO, the business behind CNJ Esports, announced that they would no longer proceed with the acquisition of Saigon Buffalo. They add that a problem arose after managing all of the numerous responsibilities, such as the signing of team players and coaches, investing in facilities, and a partnership with a Korean esports organization, a problem arose. The difficulty was that they were unable to find a solution.
Also, The issue created a significant obstacle to the acquisition process and made it more difficult for both parties to promote their businesses. Following discussions with Saigon Buffalo, JUEGO concluded that the acquisition process should be canceled. As a result, the players, employees, and coaching staff were all transferred back.
Saigon Buffalo announced that the organization would keep competing in the VCS well into 2023.
What Do Juego And CNJ Stand For?
JUEGO is a football think-tank and esports firm in South Korea. Their esports brand, CNJ Esports, routinely competes under the names of other video game titles such as VALORANT, Teamfight Tactics, and Tekken.
JUEGO’s executive director Su Yong Park stated the organization’s intention to connect South Korea and Vietnam in an interview with Esports Insider. He said, “In the industry, there is Samsung. There is a Korean coaching staff for Vietnam’s national teams and a Vietnamese member of the K-pop music group NewJeans. Both of these examples may be found in the entertainment industry. We aim to be the link that connects countries through eSports.”
Inconveniently for them, the initial attempt to serve as a link in esports competitions between Vietnam and Korea was unsuccessful.
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