The board of ENCE’s operating company, ENCE eSports Oy, decided on Oct. 26 to file for bankruptcy, the Finnish Counter-Strike organization said, marking the end of its 13-year run. The announcement records a decision to file, not a completed filing. The Esports Advocate reported that Finland’s trade register showed no bankruptcy entry for the company that day; ENCE had not said when or in which court it would submit a petition.[1][2]
The company’s revenue fell from EUR 6.31 million (USD 7.02m) in 2023 to EUR 3.15 million (USD 3.51m) in 2024 and EUR 1.32 million (USD 1.47m) in 2025, a 79% decline over two years. Its 2025 operating loss was EUR 993,210 (USD 1.11m), according to financial data reported by The Esports Advocate and Eurheilu.com. Revenue fell a further 58% in 2025, the first year ENCE no longer held a permanent ESL Pro League partner place, in a league operated by ESL FACEIT Group.[2][3]
The Esports Advocate describes the decline as unfolding in two steps. ENCE’s revenue peaked in 2023, the year it sold the core of its Counter-Strike roster to Team Falcons; its results and sticker income then weakened. Valve had announced in August 2023 that, from 2025, tournament organizers could no longer maintain unique business relationships with teams, and that invitations would be based on rankings or open qualifiers. That change ended the partner-league model behind ESL’s Louvre Agreement, which had provided ENCE a permanent Pro League place and a share of league revenue. The accounts show the timing of those changes alongside the revenue decline; they do not isolate the effect of any single factor.[2][3][4]
The warning signs predated the bankruptcy decision. In June, former CEO Mika Kuusisto said ENCE was facing financial headwinds and undergoing extensive restructuring. He stepped down after more than seven years in the role, said the company would not appoint a successor, and said he would remain on its board and as a shareholder.[5]
Currency note: Dollar equivalents are rounded PTG estimates using the ECB’s 29 October 2026 reference rate (EUR 1 = USD 1.1130; USD 1 ≈ EUR 0.8985). Historical euro amounts use this date’s rate for scale, not historical USD values.[7]
