The Many Profitable Ventures of Wes Edens
As per ESPN’s report, Wes Edens, co-founder of the Fortress Investment Group, initiated FlyQuest an e Sports brand, which has its headquarters in the U.S. FlyQuest, was purchased by Edens and his group from Cloud9 in the month of December for $2.5 million. It is the very first venture of Fortress Investment Group in eSports. Although this may not be its sole virtual stake, because Fortress intends to delve into other ventures in the market.Cloud9’s sister squad, Cloud9 Challenger, is eligible for the Championship Series of the North American League in August 2016. However, LCS regulations do not allow a company to have several teams contending within the same association. Hence, the name was changed to FlyQuest. Wes Edens together with Marc Lasry, who in 2014 purchased Bucks, appointed Ryan Edens (Wes Edens’ son) to oversee FlyQuest along with Sarah Watterson, Fortress Investment Group’s Managing Director.
FlyQuest will begin playing on January 20 in the North America League Championship Series, where it plans to bring several teams together to contend in numerous kinds of eSports and worldwide competitions for the future. The team will likewise make use of Eden and his organization’s sports and business know-how to acquire a fan base, sponsorships, and partnerships that would support its competitive performance and innovative development.Edens said that he and his group are enthusiastic to be engaged in a very famous and fast developing sport. He added that FlyQuest aims to win and compete till the highest stage of eSports and to become a respected international organization without any undue delay.The co-owner of Milwaukee Bucks, Wes Edens has finally sealed the sale of the firm, Fortress Investment Group, which he co-founded with several others. The sale amounted to $3.3 billion in cash from the Japanese company SoftBank Group Corporation (SBG). The transaction pertaining to SoftBank’s acquisition of Fortress was approved by the shareholders of the latter on the 12th of July 2017.
The total profit in the sales of his stock with the company was approximately estimated at $512 million. Wes Edens got $11.4 million from February 2017 in the form of dividends that was connected to the acquisition made by SoftBank Group Corporation, and obtained additional $1.4 million in his shares that were not invested at the time the transaction was made. The SoftBank Group Corporation, which is headquartered in Tokyo is a multinational organization created and owned by Mayoshi Son.Fortress Investment Group LLC will remain to be a separate entity under the supervision the SoftBank Group. Its founders – Peter Briger, Wes Edens, and Randy A. Nardone will likewise retain their roles within Fortress that will be covered under five year contracts that are renewable. Shareholders of the Fortress Investment Group received $8.08/share from SoftBank Group that had a $2.25/share based on the $5.83/share closing price of Fortress on the 13 of February 2017. The deal gave rise to the value of Wes Edens’s share in the stocks that amplified to a $142.6 million increase. The trade price of the Fortress Investment Group’s stocks when the transaction with SoftBank Group concluded was at $7.85 a share.