A New Era for Evo: Sony Sells Its Stake, But the Controversy of Saudi Investment Continues

The world’s premier fighting game tournament, the Evolution Championship Series, or Evo, is undergoing a major ownership change that is sending shockwaves through the fighting game community (FGC). In a surprising turn of events, Sony Interactive Entertainment (SIE) has sold its co-ownership stake in the event. However, this doesn’t mean Sony is leaving the ring. They are transitioning to a long-term global sponsor, and their new co-owner is a company backed by Sony’s parent corporation, all while investment from Saudi Arabia’s Public Investment Fund continues to grow.

The New Co-Owners and the Saudi Connection

On August 21, 2025, Evo announced that SIE has sold its ownership stake to NODWIN Gaming, an India-based esports and gaming company. This move is particularly interesting because Sony Group Corporation, the parent company of SIE, is a major backer of NODWIN Gaming. So while SIE itself is no longer an owner, the Sony umbrella still has a significant financial interest in the tournament’s success. This is a subtle but important distinction that allows SIE to pivot its involvement to a new “global sponsorship” deal through 2028, a move that allows them to support the FGC and promote their new fighting game, Marvel Tōkon: Fighting Souls, without being tied to the controversies of ownership.

The other half of the ownership equation, RTS, is also getting a new investor. Qiddiya, a Saudi Arabian tourism and entertainment project backed by the Saudi Public Investment Fund (PIF), has announced that it is investing in RTS and will extend its partnership with Evo through 2027. This continued and deepening involvement from a Saudi entity is the most controversial part of the deal. The PIF has been a source of debate in the gaming world for years, with critics accusing the fund of “sportswashing” – using investment in popular entertainment to distract from the country’s human rights record. The FGC, with its passionate and diverse community, has been particularly vocal about this issue, and the continued investment from Qiddiya is sure to be a major talking point in the months and years to come.

The Implications of the Deal

The new ownership structure has a number of potential implications for the future of Evo and the FGC. For Sony, the move allows them to step back from the direct ownership of the event while still maintaining a strong presence. For the FGC, the change is a mixed bag. The involvement of NODWIN Gaming, a company with a strong presence in the South Asian esports market, promises to expand Evo’s global reach to new regions. The new partnerships are aimed at “fueling the global growth of events, content, and experiences” for fighting game fans. The developers have already announced that Evo will be coming to Singapore in 2027, and the expansion into new regions is a clear sign that the new ownership is committed to growing the brand.

However, for many in the community, the continued involvement of the PIF-backed Qiddiya is a major concern. The debate over whether to support events that are financially linked to the Saudi government will continue, and it will be up to individual players and fans to decide where they stand. The new ownership structure is a complex and nuanced one, and it shows the complicated reality of a globalized esports industry where money, ethics, and corporate interests all collide. The future of Evo is more uncertain and more intriguing than ever befo