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[Bartski]

Motorsport Games' Entire Board of Directors Resign Over Funding Dispute

The entire board of directors at Motorsport Games have resigned over funding disputes, a new internal email reads.

insider-gaming.com

The entire board of directors at Motorsport Games have resigned over funding disputes, a new SEC filing, and an internal email to employees read. According to the document, the entire board of directors resigned following a dispute over how funding will be raised for the company.

In an internal email provided to Insider Gaming, Dmitry Kozko, the CEO of Motorsport Games told employees that the resignation of the board leaves “our organization in a non-compliant position with NASDAQ, however there is a 45-day grace period for us to present a plan on how we are able to remedy this, along with the possibility of an additional 180-day extension”.

Kozko continued to explain the company’s 1 for 10 reserve stock split and used examples of how the company can utilize it and said “all such time of options are still being explored and considered”.

The email continued “I want to assure all of you that each of these changes have been carefully made in the best interest of the business and the team, in the effort to create a strong and sustainable organization so that we fulfill our mission; to create a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.

In Q3, Motorsport Games brought in $1.2 million in revenue and a $7.5 million net loss.

One employee said on the matter “Well it’s just the usual bullshit of everything is fine because he just wants money and has done these things twice before.”

According to sources at the company, or had previously left the company, Motorsport Games has seen a lot of employees jump ship the past couple of months for one reason or another.

Some of whom were a “key part of development”, it was said.

 

[Rossco EZ]

who

 

[winjer]

 

[PlayofSparta]

 

[M1chl]

It's some mobile game dev or who the fuck that is?

 

[01011001]

who the fuck is that?

 

[Big Baller]

 

[Roxkis_ii]

Motorsports games (games) :
NASCAR 21: Ignition
KartKraft
rFactor 2

Doesn't seem like they made anything notable.

 

[V1LÆM]

I got a fright there thinking this was about Forza Motorsport

Good luck to them I suppose?

Hurry up MS and give us Motorsport 8. I need a good car game to play.

 

[feynoob]

Motorsports games (games) :
NASCAR 21: Ignition
KartKraft
rFactor 2

Doesn't seem like they made anything notable.

With Gt, torza, and others, they really don't stand a chance with those title.

 

[DonkeyPunchJr]

lol fucking green rats on suicide watch after Halo Finite and Game ASS flopping…

…wait, who?

 

[Kacho]

This was a long time coming. Hilarious to see it finally happen. Maybe NASCAR can find a better company to make games for them. Ideally EA/Codemasters but I doubt it.

 

[HAYA8U5A]

 

[Nemesisuuu]

With Gt, torza, and others, they really don't stand a chance with those title.

And still, rfactor 2 is miles better driving simulator than any of them will ever be.

Hopefully this doesn't reflect negative on rfactor 2, there were some great updates lately for the sim.

 

[SLB1904]

Motorsports games (games) :
NASCAR 21: Ignition
KartKraft
rFactor 2

Doesn't seem like they made anything notable.

Rfactor 2 is great

 

[Stuart360]

These guys released 'Nascar 21 Ignition' last year, a completely broken and unfinished mess.
Read up quite a bit about these guys and there are a lot of dodgy stuff about them, con artists basically.

 

[PisswasserYellow]

And still, rfactor 2 is miles better driving simulator than any of them will ever be.

Hopefully this doesn't reflect negative on rfactor 2, there were some great updates lately for the sim.

I had the same thought as well because rFactor 2 is great, but it looks like these chodes just acquired the studio who made the game, which makes way more sense.

 

[Mownoc]

Read it as Microsoft games.

 

[Nemesisuuu]

I had the same thought as well because rFactor 2 is great, but it looks like these chodes just acquired the studio who made the game, which makes way more sense.

Yeah, Studio 397 is on fire lately.

 

[Roxkis_ii]

Rfactor 2 is great

Is it? This is actually my first time hearing about it. Is it on console, and how does it compare to GT7?

 

[SLB1904]

Is it? This is actually my first time hearing about it. Is it on console, and how does it compare to GT7?

Pc sim. More in line with iracing and acc

 

[Mr Hyde]

The first indication of the great video games crash of the modern era.

 

[GHG]

rFactor 2

Doesn't seem like they made anything notable.

Most professional simulators that racing teams use run on rfactor pro.

Is it? This is actually my first time hearing about it. Is it on console, and how does it compare to GT7?

Infinitely better. GT7 is just a gateway drug to stuff like Rfactor 2.

And no, it's not on console.

 

[OmegaSupreme]

I was going to have so much fun with this one.