Update, Oct. 20, 2016: Paris Saint-Germain have officially announced their acquisition of the Team Huma Challenger Series spot as well as the signing of two FIFA players, as confirmed on stream at PSG's esports press conference. Former Fnatic support player Bora "Yellowstar" Kim has joined the brand as its head of esports.

We are entering League of Legends with an European Challenger Series team ! 🔴🔵 #DreamBigger pic.twitter.com/FgQHN373u1 — PSG eSports (@PSGeSports) October 20, 2016

Original story below.

French online media company Webedia and its subsidiary company Bang Bang Management have purchased Team Huma's League of Legends European Challenger Series spot from previous owner Behdad Jaafarian for approximately $70,000 and will brand the team as Paris Saint-Germain eSports next season, industry sources tell ESPN.

The news comes after Webedia announced that it received a license to build an esports umbrella using the name, logos, images and brand of France's largest soccer club, Paris Saint-Germain, as reported by French newspaper Le Figaro.

Jaafarian and Huma were banned from ownership in August in any Riot Games-affiliated league due to breaching their team agreement by failing to pay required minimum compensation to players and live up to contractual obligations. Riot Games then forced Jaafarian to sell Huma.

Jaafarian has told former players and staff that he will compensate them using money earned from the sale, according to sources close to those individuals.

The deal with Huma was negotiated and finalized by Bang Bang CEO Sasha Brodowski, sources say. Brodowski and Bang Bang are best known in the French esports community as a talent agency, representing League Championship Series players Bora "Yellowstar" Kim of Fnatic and Steven "Hans sama" Liv of Misfits. Bang Bang also does marketing work for esports teams Fnatic and HyperGames.

Webedia has a history in online media and esports. In 2014, the company acquired a license to operate IGN France and Brazil, alongside American group Ziff Davis. Around the same time, the company began its partnership with esports team Millenium. Months later it purchased the controlling interest in Millenium. It's currently uncertain how it will manage its relationship with Millenium while running Paris Saint-Germain's esports banner.

Paris Saint-Germain's brand entrance comes as the second soccer club to be involved in the League of Legends space. In May, German club FC Schalke 04 acquired European LCS team Elements and its roster. While Paris Saint-Germain's deal is similar, it will not directly own the team and will only license their name for its use.

Jaafarian and Bang Bang did not reply to a request for comment by the time of publication.