On Monday, October 26, 2026, Finnish esports organization ENCE (officially ENCE eSports Oy) announced that its Board of Directors decided to file for bankruptcy after 13 years of operation. The decision follows a severe two-year financial downturn tied to its Counter-Strike operations. The filing and underlying financial figures were reported by outlets including HLTV.org and GameDaily.

Key points:

  • The Board of Directors of ENCE eSports Oy announced its decision to file for bankruptcy on October 26, 2026, after 13 years in esports.
  • Company revenue dropped 79% from a peak of €6.31 million in 2023 to €1.32 million in 2025.
  • Financial accounts showed combined losses of €1.62 million across 2024 and 2025.
  • Reporting cited weak international Counter-Strike results and the end of tournament organizer ESL's partnership program as the primary causes of the revenue decline.
  • ENCE had signed its active Counter-Strike 2 roster to long-term contracts on September 25, 2026, just one month before the bankruptcy announcement.

Financial Details Behind the ENCE Bankruptcy Filing

According to financial statement data originally reported by Finnish outlet Ilta-Sanomat and cited by RG.org and GameDaily, ENCE experienced a sharp reversal in its financial health following a record year in 2023. The organization's revenue had grown from €4.07 million in 2022 to a peak of €6.31 million in 2023. However, revenue fell to €3.15 million in 2024 and dropped further to €1.32 million in 2025.

Overall, ENCE's revenue declined by 79% between 2023 and 2025, including a single-year drop of 59.8% between 2024 and 2025. Alongside the falling revenue, the company's accounts recorded losses totaling €1.62 million across the two-year period. Those losses comprised €680,000 in 2024 and €940,000 (approximately $1.1 million) in 2025.

Reporting pointed to two main factors behind the steep revenue drop: weak international results in Counter-Strike and the conclusion of tournament organizer ESL's partnership program. In an effort to manage costs between 2023 and 2025, ENCE reduced its staff headcount from 23 to 18 employees, which cut personnel expenses by roughly €466,000 in 2025. Despite those reductions, company equity shrank from approximately €843,000 to €303,000 over the same timeframe.

Competitive Counter-Strike History and Roster Changes

Throughout its 13-year history, ENCE was best known for its presence in competitive Counter-Strike. According to HLTV.org, the organization achieved major international prominence in 2019 when its all-Finnish Counter-Strike: Global Offensive lineup, led by Aleksi 'Aleksib' Virolainen, reached the grand final of the IEM Katowice 2019 Major. That team also won titles at StarSeries i-League Season 6 and BLAST Pro Series Madrid.

ENCE later transitioned to an international roster structure. In 2023, its international lineup led by Marco 'Snappi' Pfeiffer won IEM Dallas, coinciding with the organization's peak revenue year. However, ENCE sold the core of that championship roster to Team Falcons in December 2023.

Following the departure of its international core and subsequent financial pressures, the organization shifted back toward domestic talent. In April 2026, ENCE promoted its Finnish academy lineup to the main roster. Two months later, in June 2026, former ENCE player Aleksi 'allu' Jalli returned to the organization to serve as head coach.

What It Means for Players and What Comes Next

The bankruptcy decision leaves immediate questions regarding the organization's staff and competitive players, particularly given recent contractual commitments. As reported by GameDaily, ENCE had signed its Counter-Strike 2 (CS2) roster to long-term contracts on September 25, 2026, just a month prior to announcing the bankruptcy filing.

At the time of the announcement, ENCE's active CS2 team was ranked 103rd in the global Valve Regional Standings (VRS). The roster consisted of players Teemu 'teme' Korva, Aleksi 'millert' Lehtopuu, Giorgi 'Schwarz' Gakhokidze, Joe 'joeski' Holmes, and Henri 'HENU' Ylilehto, coached by Aleksi 'allu' Jalli.

According to GameDaily, ENCE's announcement did not disclose a timeline for the bankruptcy filing, details regarding creditors, the future of the ENCE brand, or the status of existing contracts for players and staff. Furthermore, Inven Global noted that ENCE had previously been promoting a student CS2 tournament scheduled to take place at its office on November 26, 2026. The organization has not stated whether plans for that event will proceed.

FAQ

Why did ENCE file for bankruptcy?

According to financial data reported by Ilta-Sanomat and RG.org, ENCE decided to file for bankruptcy after its revenue fell 79% from €6.31 million in 2023 to €1.32 million in 2025, resulting in €1.62 million in combined losses across 2024 and 2025. Reporting attributed the revenue drop primarily to weak international Counter-Strike results and the end of tournament organizer ESL's partnership program.

Who is on ENCE's current Counter-Strike 2 roster?

At the time of the announcement, ENCE's active CS2 roster ranked 103rd in the global Valve Regional Standings and had signed long-term contracts on September 25, 2026. The lineup consists of Teemu 'teme' Korva, Aleksi 'millert' Lehtopuu, Giorgi 'Schwarz' Gakhokidze, Joe 'joeski' Holmes, and Henri 'HENU' Ylilehto, with Aleksi 'allu' Jalli serving as head coach.

What happens to ENCE's player contracts and upcoming events?

ENCE's announcement did not disclose the status of existing player and staff contracts, the filing timeline, creditor details, or the future of the ENCE brand. The organization also has not stated whether a student CS2 tournament previously scheduled at its office for November 26, 2026, will go ahead.