Danish esports organization Copenhagen Flames has officially declared bankruptcy, marking the end of nearly seven years in the esports scene.
"Dear Flames fans, partners and anyone who has ever supported us in any way. Last week, on Friday, I filed for the bankruptcy of Copenhagen Flames and terminated all personnel, as we have been unable to find funding for our club going forward. For the past 6 months we have worked tirelessly to avoid this outcome but unfortunately we have failed. And for that I am deeply sorry. In the end it is my responsibility and I feel like absolute shit that it has come to this," Copenhagen Flames' CEO Steffen Thomsen elaborated in a statement.
The cessation of activities within Copenhagen Flames marks the end of an organization most known for its presence in CS:GO, having served as a stepping stone for a number of now-famous Danish players including Rasmus “HooXi” Nielsen, Jakob “Jabbi” Nygaard, Ismail “refrezh” Ali. The organization also attended two Majors in CS:GO under the leadership of HooXi, notably finishing PGL Antwerp 2022 in 5th-8th place before the squad went their separate ways.
In explaining the closure of Copenhagen Flames, Thomsen noted that many organizations in the industry are now experiencing great difficulties due to cuts in marketing budgets by major sponsors.This news sees a reversal of fortunes for Copenhagen Flames as they turned a profit in their 2021 financial reports, pointing to wider financial difficulties in the scene.