A Texas real estate investor is in the process of acquiring Overwatch League esports team Houston Outlaws for $40 million, according to a report.
ESPN cites sources claiming that Lee Zieben and Immortals Gaming Club have signed a “binding letter of intent” for the purchase, which is expected to close in late August.
$30 million will be paid in cash and securities while the new owner will also assume a $10 million debt to the Overwatch league after spending $30 million in cash.
The Overwatch League is yet to approve of the purchase.
Immortals Gaming Club acquired Houston Outlaws following its purchase of Infinite Esports and Entertainment. Due to Overwatch League rules however, it needed to sell a team as it already owns the Los Angeles Valiant.
That deal was said to have valued Infinite Esports at over $100 million.