Nongshim Esports, operator of Nongshim RedForce in South Korea, has received A3 ratings for commercial paper and electronic short-term bonds as it prepares to raise short-term funding. Korea Ratings’ published table records both assessments on Sept. 29. Maeil Business Newspaper reported the financing plan on Oct. 7, putting the electronic short-term bond issuance limit at KRW 5 billion and describing the ratings as a first for a Korean esports organization.[1][2]
According to Maeil’s account of the credit assessment, the borrowing is intended to bridge a cash-flow gap: player salaries are fixed before the season and paid during it, while league distributions, prize money and parent-company performance incentives are concentrated early in the following year. At the end of August, 97.7% of Nongshim Esports’ KRW 1.5 billion in borrowings fell due within a year, including KRW 870 million within three months. The company plans to rely on refinancing and parent sponsorship receipts.[2]
The report puts Nongshim Esports’ 2025 revenue at KRW 7.8 billion, up 96.5%, and its operating loss at KRW 900 million. First-half 2026 revenue rose 39.6% to KRW 5 billion, with a KRW 400 million operating loss. Cumulative operating losses reached KRW 9.4 billion over 2021–2025; player payroll averaged 59% of revenue in 2023–2025, with staff costs accounting for another 25%.[2]
Maeil reports that Nongshim owns 95.1% of the operating company and provides approximately KRW 1.5 billion annually in sponsorship, plus performance incentives. It also contributed KRW 2.5 billion in a 2022 capital increase and KRW 4 billion in 2024. Expected parent support lifted the A3 assessments one notch above the operator’s standalone creditworthiness, according to the report.[2]
League-related revenue reached KRW 4 billion in 2025, more than half of total revenue, as the VALORANT team entered VCT Pacific and League of Legends Champions Korea distributions increased, Maeil reports. Riot Games separately confirmed in November 2024 that the acquired roster would compete under Nongshim RedForce in VCT Pacific in 2025. The financial figures cover Nongshim Esports’ business, rather than the VALORANT team alone.[2][3]
