HELSINKI, October 27, 2026 — Finnish esports organisation ENCE eSports Oy filed for bankruptcy on October 26, bringing an end to a 13-year presence in competitive gaming. The Helsinki-based company reported cumulative losses exceeding €1.62 million over the last two years.
ENCE eSports Oy officially filed for bankruptcy on October 26, 2026. The organization reported financial losses of €680,000 in 2024 and €940,000 in 2025. Revenue for the company fell by nearly 80 percent over the last two years. The bankruptcy announcement came without warning to current players and staff. Player Joe ‘joeski’ Holmes stated the news came ‘out of the blue’ just one month after signing a permanent deal. ENCE was a Tier 1 force in Counter-Strike, winning IEM Dallas 2023 and reaching the Katowice Major 2019 final. The organization also achieved significant success in StarCraft II with player Joona ‘Serral’ Sotala. ENCE’s core roster was sold to Team Falcons in December 2023, following a peak in revenue. The team had been attempting a rebuild around Finnish players since March 2026. ENCE’s last major trophy was the Elisa Masters Espoo in October 2024. The organization currently holds no clear plan for existing player contracts or ongoing community commitments.
Financial decline
The annual accounts of ENCE eSports Oy, filed in the Finnish Trade Register and listed by Finder, reveal the speed of the organisation’s fiscal deterioration. Revenue more than tripled from 2021 to 2023, then fell by almost 80 percent in two years. The peak came in 2023, the year ENCE won IEM Dallas and sold the core of that team to Team Falcons. The accounts do not show how much of the revenue came from transfer fees, but they do show that the organization lost €1.62 million over the next two years, and that 2025 ended with revenue below the level of 2021.
The impact on players and staff contracts
The bankruptcy announcement came without warning to the team’s current roster. Joe ‘joeski’ Holmes, who signed a permanent deal with ENCE only a month prior to the filing, wrote that the news “came out of the blue” and that it was “very disappointing as we just got stuff rolling as a team”. Head coach Aleksi ‘allu’ Jalli, who returned to the organization in June, wrote that he was heartbroken and would explain more about himself and the team “when the dust settles a bit”. Two days before the announcement, allu and teammate HENU were signing autographs and playing 1v1s with fans at an electronics store in Vantaa. The organization has not said what happens to the players and staff still under contract.
Market instability in the Tier 2 and Tier 3 landscape
Since reaching the final of the IEM Katowice Major in 2019, ENCE has struggled to maintain a Tier 1 presence in Counter-Strike. After the core roster was sold to Team Falcons in December 2023, the organization attempted a rebuild around Finnish players, benching its international lineup in March 2026. The team is currently 103rd in Valve’s Regional Standings. Its last match was a 0-2 semifinal loss to Phantom at the Elisa Breakout Series #2 on October 17. The last big trophy came in October 2024, when ENCE won the Elisa Masters Espoo on home soil. Since then, results have come mostly from second-tier events.
What the future holds for the remaining roster
ENCE posted the news on X under the heading “The end of an era.” The short statement thanked players, staff, partners and fans, and ended with “GG.” It gave no reason for the decision and did not say what happens to the players and staff still under contract. The organization currently holds no clear plan for existing player contracts or ongoing community commitments. Two days before the announcement, allu and HENU met fans at the POWER store in Tammisto, and the organisation had been promoting a student CS2 tournament at its office on November 26th. ENCE has not said whether those plans will go ahead.
Sources
- ENCE files for bankruptcy after 13 years
- ENCE Files For Bankruptcy
- ENCE file for bankruptcy after 13 years in Counter-Strike
Photo: VaKarM – Vidéos CS:GO (CC BY 3.0)
