Faceit and Twitch launch esports league where teams are owners

Esports startup Faceit is partnering with gameplay livestreaming site Twitch to create the Esports Championship Series. The esports league is starting with a Counter-Strike tournament where participating teams and players will be granted co-ownership in the business.

With this league, teams will be granted access to revenue sharing, profits, and representation on the league’s governing body. The first tournament league, dubbed ECS Counter-Strike, will have 20 teams competing for $3.5 million in prizes and financial support.