eSports organization Titan has dissolved and ceased all operations, releasing their CS:GO team in the process, the organization announced Wednesday.
Titan was founded in 2013 and signed a Dota 2 team which finished in 9-10th place at The International 4. However, Titan was best known for their top level CS:GO team which finished first at the DreamHack Invitational II in 2014, second in the ESL Pro League I, and most recently 3-4th at the CEVO Season 8 Professional Finals.
This news comes after the organization released their Smite team yesterday, after the team took second place at the 2015 Smite World Championships.
According to a blog post written by Titan founder and CEO Damian Grust, Titan is shutting down because the money ran out after Hovik "KQLY" Tovmassian was banned for cheating by Valve in late 2014.
"All the bad press that this brought and the major hit the image of an otherwise respectable brand took, was too much," Grust said. "Sponsors and partners with whom we were about to sign, understandably backed out of deals, not wanting to be associated with a company that had just been tarnished. Needless to say, our budget for 2015 had gone up in smoke from one day to another."
Grust wrote that he reinvested in Titan to keep the organization running through 2015, but the organization could not find investors or other organizations interested in buying them out. As such, Titan was forced to shut down.
"Thank you to all our fans, supporters, haters, detractors, partners and opponents. We would not be Titan if it weren’t for you," Grust said.
"From the bottom of my heart, thank you. Thank you also to all team owners, players and tournament organisers; what a privilege it was to have been able to interact with you and in some cases become close friends. Even though not everything worked out in the end, many incredible people made this all worthwhile."
Daniel Rosen is a news editor for theScore eSports. You can follow him on Twitter.