I enjoyed the article, debunked a couple of facts that I knew were probably wrong or misconstrued but didn’t go through the effort to verify.
The comparison to the Green Bay Packers seems unfair. Riot Games is more the NFL than the Green Bay Packers. Not only that, but the Green Bay Packers also have one of the best fan bases across all sports. Even then, teams like Solomid, are more apt comparisons, and there isn’t much information but I would venture that sorts of “direct income” like streaming subscriptions or merchandising sales could be analogous to what the GBP consider as local revenue.
I think a key issue is that eSports has for so long been free and users are unwilling to pay. The way eSports works now through selling cosmetics is smart and works on the small scale, but its akin to the NFL trying to make money through official merchandise and football trading cards. The real money might come from going for broke on the eSports as sports narrative.