World Champion in both VALORANT and Rocket League in 2025, NRG Esports was recently acquired by DarkZero Esports, a company owned by the investment firm Grey Matter Capital, as announced by the team on Friday 19. Led by Zachary Matula, Don Kim, and Michael Tseng, the group’s portfolio already includes DarkZero (founded by Matula), the esports apparel brand Raven, and Gameplan Media, a creative and production agency.

According to sources close to Sheep Esports, several organizations and investment groups from both North America and Europe have expressed interest in acquiring NRG.

A new page for NRG

Founded in November 2015 by Andy Miller and Mark Mastrov, both co-owners of the NBA’s Sacramento Kings, NRG quickly built a reputation in North America by entering the LCS in 2016 and later expanding into Counter-Strike. Over the years, the organization found lasting success, earning its first Rocket League World Championship in 2019 and back-to-back Overwatch League titles with the San Francisco Shock in 2019 and 2020. With its second Rocket League world title secured in 2025, NRG cemented its place as one of the most successful clubs in the game’s history and became the only North American organization to win major championships in both RL and VALORANT.

The press release confirms the intention to retain NRG's name, legacy, and all active employees. The latter also noted that most of the current staff will remain within the organization, suggesting that a few positions might be affected. It further stated that Andy Miller will stay on as an advisor to NRG, while Don Kim will assume the role of CEO of the North American organization. Miller expressed confidence about the future, saying, “I have full confidence in DarkZero’s leadership and their commitment to honoring what makes NRG great while building for the future.”

Experience behind Grey Matter Capital

Already a familiar name in esports, Matula founded DarkZero in 2018, later joined by Don Kim — formerly Director of Esports Operations at TSM — who became the project’s CEO, and by Michael Tseng, who took on the role of Head of Operations. Established in mid-2022, Grey Matter Capital is their joint venture, featuring the same leadership trio at the forefront. Within the firm, Matula serves as Chairman of the Board, Kim as CEO, and Tseng as COO.

As stated on the company’s official website, most of its investments revolve around esports and gaming: “Grey Matter Capital is an investment firm that focuses on unlocking breakthrough growth within esports, gaming, and the entertainment industry.” Along with Raven, Gameplan Media, and DarkZero, the firm also invests in Good Day, a marketing agency specializing in video games, and SIDO, a research and consulting lab focused on performance training through competitive titles such as League of Legends.

Outside the gaming sphere, Grey Matter Capital’s portfolio extends to companies like Dont Quit!, a performance drink brand for athletes; UCE, a security services provider; and Biofire, which is developing a “Smart Gun” using biometric recognition technology to help reduce household firearm accidents in the United States.