Anonymous Source Reveals More Details to Richard Lewis About Astralis ' Breakdown
Astralis , once a symbol of success in global Counter-Strike, has found itself at the center of a financial crisis.
According to an anonymous source within the club, contacted by journalist Richard Lewis who published the details on his Substack page, the Danish giant is experiencing a serious downturn: mass layoffs, disbanding of rosters, transfer debts, and general player dissatisfaction—all pointing to an imminent sale of the brand.
One of the anonymous sources close to the situation spoke very harshly: " Astralis must die for Danish Counter-Strike to be reborn. The number of smaller organizations they have wronged is simply astounding."
The Path from Startup to Crisis
In 2019, Astralis became the first esports organization to go public. This event was seen as a step towards the professionalization of the industry. However, by 2023, the company's stock had devalued tenfold, and the organization was forced to delist from the stock exchange. Problems began to accumulate: tournament failures, declining results, sponsor withdrawal, and financial losses.
Even selling their slot in the European LEC league to Karmine Corp for £18 million didn't save the situation—the installment payments don't cover daily expenses, and major sponsors like Elgiganten are refusing to renew their partnerships.
Internal Crisis and Layoffs
Since late 2024, Astralis has been seeking a buyer. The organization is undergoing significant cuts—primarily affecting the content and marketing departments. The women's team and CS2 academy were disbanded as "unprofitable."
Signing Rasmus "HooXi" Nielsen, the former captain of G2, is just a temporary measure. Sources claim that the club is merely "filling slots" in tournaments, with no plans to invest in team growth. The main goal is to preserve assets until the sale.
Players were asked to take pay cuts, which caused significant dissatisfaction. Victor “Staehr” Staehr, who recently extended his contract until 2027 without knowledge of the internal crisis, is particularly unhappy. He may be sold separately if a buyer for the entire roster is not found.
Debts and Dependence on Future Payments
The situation is so dire that Astralis had to request Heroic to delay the final payment for the transfers of jabbi and stavn. According to sources, the company's management is trying to synchronize payments with the proceeds from the LEC slot sale, highlighting the lack of liquidity.
Interestingly, Astralis is not receiving funding from the Esports World Cup, sponsored by Saudi Arabia. Within the company, this has caused disagreements: some see it as missed opportunities, while others view it as a reputational risk.
Who is Behind the Sale?
The key figure in the upcoming sale is Nikolaj Nyholm, the founder and former CEO of Astralis . He has now distanced himself from esports, focusing on other businesses and appearing as an investor on the Danish version of "Shark Tank." According to sources, he is the one pushing for the complete sale of the brand.
Currently, two main options for potential buyers are being considered: the first is Continuum X, an investment group with Qatari funding, founded by former COO of Ninjas in Pyjamas Jonas Gundersen. The second option is a consortium of private individuals interested in a complete relaunch of Astralis . Both parties are in negotiations, but it remains unclear who will take control of the organization.
If Astralis is indeed sold or disbanded, it will mark the largest restructuring in Danish esports in recent years. The team, once dominating majors and setting industry standards, now serves as a warning of how quickly everything can be lost due to poor management and overestimation of capabilities.
