Update 20/10/2017: A press release from The New York Yankees outlined that their investment is in Vision Esports, and includes stakes in Echo Fox. We have updated the headline and certain paragraphs of this article, which was written with information from earlier reports.

Iconic Major League Baseball team The New York Yankees have announced an investment partnership deal with Vision Esports, which includes stakes in Echo Fox; the professional esports organisation owned by Rick Fox.

[perfectpullquote align=”right” cite=”” link=”” color=”” class=”” size=””]Though financial terms of the deal have not been disclosed, the Yankees are now stakeholders in Echo Fox and two other companies in the Vision Esports portfolio.[/perfectpullquote]

Though financial terms of the deal have not been disclosed, the Yankees are now stakeholders in Echo Fox and two other companies in the Vision Esports portfolio – game records and statistics organisation Twin Galaxies, and esports production company Vision Entertainment. In addition, the Yankees and Vision Esports will collaborate on marketing and sponsorship initiatives across all assets.

Rick Fox, a retired NBA player, established the Echo Fox brand in 2015 after buying pro League of Legends team Gravity Gaming. Fox has become one of the more forward facing entrepreneurs in the competitive gaming space, and despite a publicized exit from the Counter-Strike: Global Offensive scene, Echo Fox has expanded with rosters in Call of Duty, Vainglory and multiple fighting games.

A recent ESPN report revealed that Echo Fox would be staying in the North American League of Legends Championship Series next year, and will be required to pay a buy-in fee of $10 million. Though the news was surprising at first (especially since it coincided with the controversial decision to deny Immortals a spot), the Yankees investment immediately makes clear the financial reasoning.

The Yankees are owned by Yankee Global Enterprises, an American holding company which also has twenty percent stakes in New York City Football club, and Yankees Entertainment and Sports Network (the remaining eighty percent belong to 21st Century Fox). The eponymous baseball team is valued at $3.7 billion, according to Forbes, which makes it the second highest valued sports franchise in the world.