Golden State Warriors majority owner Joe Lacob and his son, assistant general manger Kirk Lacob are taking their first step in esports.
They are the first to be accepted as franchise owners in the North American League of Legends Championship Series according to ESPN.
They will have to pay $13million (£9.8m) for their spot, a $3m (£2.3m) increase to the original fee which was believed to be $10m (£7.5m). They have to pay a further £2.3m to compensate whichever original owner they replace in the league.
Warriors majority owner Joe Lacob is the first to be accepted as an NA LCS franchise owner
Joe is the third owner of the Warriors to invest in the NA LCS in the last 18 months. Co-executive chairman and CEO of Mandalay Entertainment, Peter Guber, is also aleader in aXiomatic who are the investment group that purchased a majority stake in Team Liquid. And Warriors minority owner and venture capitalist Chamath Palihapitiya was part of the $3m round of funding for Cloud9.
Earlier this year, Riot announced they would be franchising the NA LCS - removing relegation and opening the League to any investors. The application process meant new and old owners had to to go through a two step application process through a long questionnaire.
Riot are currently in step two with only a select few teams remaining after reportedly over 100 different owners applied.
The Lacobs consulted with Catalyst Sports & Media in their application who also consulted Hersh Interactive Group's deal with Team EnVyUs and Madison Square Garden's majority stake purchase in Counter Logic Gaming.