FaZe Clan Influencers Exit Over Contract Dispute With New Owner

(Bloomberg) -- The future of the popular influencer group FaZe Clan is in flux once again after several members announced their departures this week following failed contract talks with new management.

The members, known as Adapt, Jason, Ronaldo, Lacy and Silky, all posted on X that they had left FaZe. The website for the group lists six members, only one of whom, Rage, hasn’t announced publicly that he is leaving.

“14 Years,” Adapt said online. “Over half my life, I’d be lying if I said this didn’t hurt, but it had to be done.”

None of the members responded to requests for comment.

The current financial structure of FaZe is “unsustainable,” according to Matt Kalish, chief executive officer of HardScope, a FaZe investor. He gave the influencers — who operated from a multimillion-dollar Los Angeles mansion — the option to go independent or sign deals with HardScope. He ended talks with them last week and plans to continue on without them.

“My best guess is they’re all good kids and have a lot of people in their ear and are confused,” Kalish said in an interview. FaZe had subsidized a lot of their expenses, he added.

The influencers felt the terms Kalish offered were unfavorable, according to a person with knowledge of discussions who asked not to be identified. The talks had gone on for about half a year.

PlaqueBoyMax, another FaZe influencer, left in August. He explained why in a livestream post on Thursday. 

“We have no control,” he said. “There was no control, and it’s like we’re puppets. At least that’s what it felt like. You get what I’m saying?”

A cofounder of sports betting site DraftKings Inc., Kalish began investing in FaZe last year. He said he has put $10 million into the talent group over the past 18 months to expand their careers.

Kalish launched HardScope as a way “turn creators into next-gen media moguls.” The business connects sponsors and fans with personalities who stream content on sites like Twitch. 

Founded in 2010, FaZe began as a group of friends posting their video-game play on YouTube. They were among the pioneers of the group-house concept, where players lived and streamed together. As its online audiences grew, FaZe expanded into esports teams and million-dollar sponsorship deals.

After an anticipated $1 billion valuation when the company went public in 2022, FaZe became a penny stock amid concerns the company’s primary business model — sponsorships with brands — did not form a stable basis for growth.

FaZe influencers have struggled under various leadership arrangements. In 2023, the company fired Chief Executive Officer Lee Trink after allegations of poor spending decisions and disagreements with talent.

FaZe’s esports organization remains with GameSquare Holdings Inc., which acquired the parent company of FaZe for $17 million in 2023. 

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