From Liiv Sandbox to FearX via BNK: behind the on-stage story, the LCK club's financial statements tell the tale of a patient turnaround for a business model still under reconstruction.
BNK FearX's sporting headlines have been unprecedented over the past few years: a title at the Asia Invitational, Diable crowned Finals MVP and 2025 Rookie of the Year, a First Stand 2026 appearance, and more fans than ever.
Financially, 2025 also marks a fourth straight year of losses and a quiet restructuring. What we're laying out today is the economic story of the club at the Fennec.
A Bit of History
Sandbox Network, the Korean content creator agency founded in 2014 and known for managing the country's biggest YouTubers (such as Dotty), bought out Team BattleComics to enter the LCK, South Korea's top-tier League of Legends league.
That was the birth of SANDBOX Gaming, and in December 2020 the team secured a naming deal with Kookmin Bank, becoming Liiv SANDBOX.
In what has become a familiar script, the club burned through serious cash. According to statements from former CEO Jeong In-mo, between 2019 and late 2022 the club invested the equivalent of roughly $15M, excluding LCK franchise fees. Sandbox Network, itself in financial difficulty, no longer had the balance sheet to carry its esports operation.
Enter 4BY4, a listed company specialized in AI video processing, run by Yoon Jun-ho. Already under pressure on its historical margins, 4BY4 was looking to diversify beyond B2B, and saw in esports a golden bridge to the mass-market consumer.
The $5.3M Deal
In March 2023, 4BY4's board approved the acquisition of 60.59% of SBXG (SandBoX Gaming) for a total of roughly $5.3M, structured in two steps:
- Purchase of existing shares from Sandbox Network: 1,950 shares for ~$1.06M, or about .
