[10] Envy established their second franchised team in May 2019 with the purchase of a slot for Activision's Call of Duty League for a reported US$25 million.

[14] On July 9, 2020, Envy Gaming appointed that Adam Rymer as the company's new CEO, replacing founder and owner Mike Rufail.

[20] Months later, in September, Team Envy owner Mike Rufail confirmed that the organization had secured a reportedly US$35 million investment from Hersh Interactive Group.

The deal entailed Hersh serving as strategic partners to the organization, whilst Rufail would remain as the principal owner and operator of the team.

[5][21][22] Two months later, World Series of Poker High Roller winner Fedor Holz invested in Envy Gaming to become a minority owner.

[23] In July 2018, Preston Arsement, known as the YouTube personality PrestonPlayz, joined Envy Gaming as an investor and content creator.