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TORONTO — Unveiled last month, Toronto’s Overwatch League esports expansion franchise now has a general manager, coach and $21.5 million in equity financing.

OverActive Media Group Inc., the ownership group behind the Toronto franchise, says the $21.5 million is the largest financing in Canadian history for an esports-focused business.

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While a large chunk of change, more will likely be needed. The original cost of a franchise was pegged at US$20 million in its first year of operation in 2018 with reports suggesting the next round would go for a minimum of US$35 million.

“The financing is necessary to meet the schedule of payments that we have anticipated,” said OverActive Media CEO and president Chris Overholt, the former CEO of the Canadian Olympic Committee.

Some will go towards the franchise fee. The rest will help fund initial operations.

Overholt says the initial financing “signals to the market for sure that people are taking this space seriously.”