Galaxy Racer Scores $20M Lifeline Amid Legal and Financial Turmoil

Editorial Team

Last updated 14-05-2025

2 min

Galaxy Racer an Emirati gaming firm, received a $20 million boost from Shukhrat Ibragimov.

The company has faced financial and legal issues, including unpaid debts and operational challenges.

They closed their main Dubai office and paused North American operations due to financial struggles.

The investment could help Galaxy Racer settle debts and regain stability, restoring industry confidence.

Community hopeful for recovery, but cautious outlook, with a lot still left to prove.

Galaxy Racer, an Emirati gaming and e-sports firm, has received a sizeable cash injection of $20 million from businessman Shukhrat Ibragimov, CEO and chairman of the Eurasian Resources Group. The investment arrives at a crucial time, as Galaxy Racer navigates its way through some substantial financial and legal headaches.

Established back in 2019 amid plenty of optimism, Galaxy Racer swiftly captured the imagination of tech-savvy investors thanks to splashy sponsorship deals, including an eye-catching partnership with Spain’s famous La Liga for its e-sports endeavours. But the past two years haven't exactly been plain sailing for the Emirati startup, which has grappled with operational snags, delays in paying off employees and content creators, and even the shuttering of its main Dubai office.

Earlier this year, Galaxy Racer put the brakes on its operations in North America—another chapter in what has been a challenging period. Reports have surfaced suggesting the company still owes somewhere between $20 and $30 million to various creditors, ranging from e-sports teams to content-production outfits.

Amid all of this, the firm's original founder and former CEO Paul Roy reportedly exited the UAE under a cloud, facing legal investigation and serious financial claims.

The entry of Shukhrat Ibragimov's $20 million investment may prove pivotal. Industry watchers speaking to outlets like Arageek believe this move could give Galaxy Racer some much-needed breathing space to regroup and settle its obligations, perhaps even setting the stage for brighter days ahead. It's still early doors, though, and they've got plenty left to proove to restore confidence in their business.

For the gaming community watching from the sidelines, it's certainly hoped that this latest injection of funds will help the Emirati firm get back on track, but as my gran always loved saying—let’s wait and see.

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