Nice video, but I have to correct you. You quoted me/my video wrong. I didn’t say that Endor Technology Shenzen quit production and delivery (they don’t even produce items for Endor) they were simply protesting against the negotiations with Corsair. It is another company (which I anonymized in the screenshot of their document) that stopped production and deliveries amongst three others due to outstanding payments from Endor AG.
Thats an important correction, you are right - our bad. So "Endor Technology Shenzen" is just a "connector" to the chinese market and their production companies. I will pin that one now. -Michel
Thanks for the summary! It's really crazy what's going on. 😯 But I can only agree with what Michel says at the end! Let's hope for the best in the end, for the employees and for us as Simracers! 🙏
The former CEO needs to be ashamed. Running this company into the ground by exuberant spending such as the company headquarters and sponsorship of race series all while Holding the company hostage and jeopardizing the future of Fanatec for the consumers and the employees. He is an embarrassment.
It's kind of a bummer that this would happen to the first company to make DD affordable, I'm really hoping they can get it sorted out. Love them or hate them they make the sim racing world a better place for a lot of people, I for one love my Fanatec gear.
Thanks the summary. Much more measured and well informed than some I have seen on YT. It’s bad but it still seems like there is hope. The Fanatec brand and products are amazing. There is so much value locked up in them - but shareholders look like they’re going to have to lose money to release it.
as someone who has LOVED his Fanatec gear for several years, i have to say that my first thoughts are for Endor's hard working staff to remain employed, but also I selfishly and sincerely hope that whoever manages to pull Fanatec's @55 out of the fire can continue delivering high quality sim racing gear for the public for many decades to come. 🤞🤞🤞 This entire Endor drama is heartbreaking to the fans.
I still don't know what to think of this. I want the company to continue, and I was open to Corsair buying Endor AG. But with Jackermeyer and the shareholders, the people who watched the company spiral out of control ultimately squashed the plan for Corsair to take over, placing Endor in further jeopardy. If Jackermeyer regains control of the brand, he's going to be a puppet, beholden to the "powerful investors" who put forward the money for him to save the company. After a short while Jackermeyer will be unceremoniously dismissed again. This time without a way to re-wrestle control of the company from the new owners.
Thank you from an average owner and user of Fanatec products. I love my GT DD pro, and all the accessories and extra Fanatec wheels I have, when it works between disconnect fits of misbehavior that I've been unable to get help with. Lol, to the point, you've made a confusing situation much clearer for me, for which I'm grateful. I've resigned myself to not getting any help from Fanatec until this all sorts out. As much as I admire Thomas for his creation of Fanatec gear, I've lost all respect for the man as a businessman and truly hope he is kept as far as possible from Fanatecs business plans and programs. I blame him for the original problems and more so for doing everything conceivable to make the problem(s) worse.
Their American offices were in Beverly Hills. The most expensive place to possibly be. There was no reason for them to be in California, much less the most expensive part of it. They were horrific with money.
holy cow. i have not been following any Fanatec related news so this is the first i've heard of it. i'm shocked because i've been using Fanatec products for years now (starting with a shifter, then handbrake, then pedals, and most recently a GT DD Pro) and honestly, they are the absolute best purchases i've made for sim racing, alongside my Obutto Ozone cockpit which i bought more than a decade ago and is still going strong. the engineering that goes into Fanatec stuff is flipping awesome, especially when it comes to making fancy high end stuff like direct drive affordable for normies like me. whatever happens, i just hope the regular everyday employees at Fanatec (customer service, engineering, software developers, and so on) get the best treatment possible.
Thomas is not going to let Corsair take the company which is sad because Fanatec will be a distant memory. We really need the company to survive but Thomas is kicking it down the drain. R.I.P. Fanatec. You will be missed.
The IP collateral is an odd move prior to acquiring a company... would make more sense to buy their stock and insist they make payment plan arrangements with their suppliers to stabilise cashflow until a deal is done.... very suspicious
@@MattSmith-ks2lc not if you’re buying the company. The stock is never worthless. It’s riskier than buying IP for sure but it’s a dodgy thing to do. If the sales are there then there is no reason to let the company go into receivership
I would appreciate a follow up covering the net effect on all of the real world racing series associated with the brand should it in fact dissolve. Now would be an ingesting business story for sure. All of those partnerships, deals and sponsorships-who wins, who loses etc.
crazy for such a huge company, leaders in the sim racing world, i hope corsair actually gets everything from fanatec, because i find hard to believe fanatec going back from the dead
Really good video - nice and clear. Without knowing more it sounds like the replacement CEO was fighting an up-hill battle from Day 1 but the legacy of previous leadership has proven too great. I don't really understand why two shareholders getting to arrange an "extraordinary meeting" should derail arrangements that have already started. But I can see why "shareholders" get no compensation would make all investors angry.
Will not be missed. Taking orders just for the cash flow, lying about availability of products, giving no refunds and customers support was garbage for years. While influencers had a good experience they did t give a shit about the average customer.
@@tototots2190 Its wasnt a fuck up, it was fraught. that is something that no one should ignore. Mistakes happen and if you deal with them openly, I have a lot of understanding. Here, the matter was kept quiet and only reacted when people were already kicking the door down.
Bought Fanatec DD pro recently, about month ago. Shipment was quite fast. It took 7 whole days to receive it. I am from Poland. Hope it will be all good :)
@@joeparkes-ig9ps I had no problem with buying. It was buttery smooth. I got informed with every step how the delivery is going. Although I do not use the system yet, as I do not have cockpit. I tested it for a few hours and it's all right as far
I wonder if fanatec will remember the channels that tried to score a few cheap views and likes over this. They are all scurrying over each other trying to make the most drama over nothing much.
How does it work now for people who want to place orders? The store is still up technically and I assume it won't block people from ordering. Sorry if that's covered in their post, I have not checked it in full yet.
The solution: Logitec buys fantec. then they finally have proper steering wheels. Put less money into marketing and product placement and more into product development and reasonable sales prices and no fantasy prices. = Back to the Beginning of there own story !
The way German bankruptcy laws work, they will come out of this in a few months. They will not lose that much money, the investors will be screwed, but Fanatec will be making money in a very short time and now they can get out of sponsoring every race on the planet. Exaggeration for effect. They can stay with the series that are money makers. The biggest problem for a company making Direct Drives wheels is people only need to buy once, not every couple of years. That limits future sales to when people want a new steering wheel or a new more powerful base with new gadgets. At least Fanatec has a lot of wheels to select whereas Moza has virtually none.
What is insolvency? Why is Fanatec in deep trouble? Why should I know about this? Who or what is Endor? How does Corsair own Fanatec IPs? What is Saitek?
Das Problem ist das Fanatec denkt das Sie Lenkräder für PC Spieler machen müssen , das ist Grundlegend falsch. Ja Leute haben PCs, doch nicht mal 5% der Gamer haben high end Hardware und somit brauchen sie auch keine Lenkräder. Jeder zweite hat eine Konsole Zuhause Series X oder PS5 aber dafür gibt's nur Zweitklassige Lenkräder für doppelten Preis, die Lenkräder sind auf Konsole immer schlechter kalibriert als auf PC aber wozu dieser scheiß , damit paar hundert TH-camr sich feiern können das sie Fanatec am high end PC haben. Fanatec produziert völlig am Markt vorbei , was auch die Schuld solcher TH-camr hier ist.
Dann fragt man sich ja, wie die jahrelang ohne jegliche Lenkräder für Konsolen überhaupt so wachsen konnten und wie Firmen wie Asetek, Moza, Simucube und Co. existieren können. Glaube du liegst da etwas daneben mit der Einschätzung 🙂 -Michel
@@OverTake_gg simucube und asetek hab hauptsächlich Geschäftkunden, moza macht keinen Gewinn , nur positiven Umsatz. Ja und fanatec, die bekannteste und meist verkaufte Marke im Sim racing, pleite.🤣 Hoffe kommst selber drauf.
@@OverTake_gg frag dich wer in deinem Umkreis eins dieser Lenkräder hat bis auf die paar Leute aus deiner Liga. Die Antwort ist keiner , keiner dieser Firmen macht Ansatzweise Gewinn. Die halten sich alle mit fremd Kapital über Wasser oder gehen gleich an die Börse , da kann man besser betrügen.
All these companies going bankrupt should just declare themselves as countries because it's apparently a-ok for governments to go into massive debt. U.S. federal debt is 35 trillion right now. Was 7.9 trillion 20 years ago.
@@robblack8754 governmental debt and private / enterprise debt are very different things and they work really differently. Cant really compare these two. If a country takes money from a bank, the bank doesnt expect this money to come Back, but sees it more as an investment. If the country prospers, the bank prospers. If a company takes money from the bank, the bank wont profit from the company getting back on track, which is why they will expect the money to be paid back. It is obviously much more complicated and i am not an expert on it. Just wanted to say, that it isnt really comparable.
I mean when they started blowing millions on a go kart track,, over investing sustainable business growth, thats the point attention should have been caught and im sure the same point the other directors started to wonder wtf.. Since then the rest of this is just media hype and youtubers trying to make a living off other peoples pain.. Gutter trash rumour mill bull. say one thing one day,, say somethign else the other, none of it anymore than rumour.. all the while, your views click on in,, isnt it wonderful to be a part of the problem guys!!
Fanatec was a joke. Their equipment was not even close to affordable. Im not sad or suprised. It was written on the walls. Thier customer service was a joke. Wheels took years to arrive. Its the worst company ive seen.
Sound like it´s high time to sell all fanatec gear and move over to a more reliable company that doesn´t make it a sport to piss in as many customers faces as possible
I dno about Logitech now, they have apparently gone downhill a lot recently qualitywise. They even wanting to bring out a subscription mouse( yes, you pay monthly fee). New CEO apparently
Nice video, but I have to correct you. You quoted me/my video wrong. I didn’t say that Endor Technology Shenzen quit production and delivery (they don’t even produce items for Endor) they were simply protesting against the negotiations with Corsair. It is another company (which I anonymized in the screenshot of their document) that stopped production and deliveries amongst three others due to outstanding payments from Endor AG.
Thats an important correction, you are right - our bad. So "Endor Technology Shenzen" is just a "connector" to the chinese market and their production companies. I will pin that one now. -Michel
@@OverTake_gg Thank you 👍
Thanks for the summary! It's really crazy what's going on. 😯 But I can only agree with what Michel says at the end! Let's hope for the best in the end, for the employees and for us as Simracers! 🙏
The former CEO needs to be ashamed. Running this company into the ground by exuberant spending such as the company headquarters and sponsorship of race series all while Holding the company hostage and jeopardizing the future of Fanatec for the consumers and the employees. He is an embarrassment.
The bigger problem is that Sony and Polyphony Digital reluctant to add additional brands (Moza, PXN, etc.) support to Gran Turismo.
Yes…there are a lot more hardware brands than just Fanatec…
It's kind of a bummer that this would happen to the first company to make DD affordable, I'm really hoping they can get it sorted out. Love them or hate them they make the sim racing world a better place for a lot of people, I for one love my Fanatec gear.
For console yes, but for pc no .
Thanks the summary. Much more measured and well informed than some I have seen on YT. It’s bad but it still seems like there is hope. The Fanatec brand and products are amazing. There is so much value locked up in them - but shareholders look like they’re going to have to lose money to release it.
this is so crazy. God only knows how much they were spending on advertising. I still love my Fanatec gear though!!! lol.
not only adverting, they made also own building, that by default cost allot
Fanatec have good design wheel for me ws all
Moza is better
@@Masterlove2694 Nah, Moza is Chinese garbage. Fanatec was just mismanaged into the ground.
@@Masterlove2694 i havent like moza design :)
as someone who has LOVED his Fanatec gear for several years, i have to say that my first thoughts are for Endor's hard working staff to remain employed, but also I selfishly and sincerely hope that whoever manages to pull Fanatec's @55 out of the fire can continue delivering high quality sim racing gear for the public for many decades to come. 🤞🤞🤞 This entire Endor drama is heartbreaking to the fans.
I still don't know what to think of this. I want the company to continue, and I was open to Corsair buying Endor AG. But with Jackermeyer and the shareholders, the people who watched the company spiral out of control ultimately squashed the plan for Corsair to take over, placing Endor in further jeopardy.
If Jackermeyer regains control of the brand, he's going to be a puppet, beholden to the "powerful investors" who put forward the money for him to save the company. After a short while Jackermeyer will be unceremoniously dismissed again. This time without a way to re-wrestle control of the company from the new owners.
@kireth u see ur not the only one. Now quit saying ur the only one, ur doing so much, ur not getting paid and shit
oh that guy...LOL
Thank you from an average owner and user of Fanatec products. I love my GT DD pro, and all the accessories and extra Fanatec wheels I have, when it works between disconnect fits of misbehavior that I've been unable to get help with. Lol, to the point, you've made a confusing situation much clearer for me, for which I'm grateful. I've resigned myself to not getting any help from Fanatec until this all sorts out. As much as I admire Thomas for his creation of Fanatec gear, I've lost all respect for the man as a businessman and truly hope he is kept as far as possible from Fanatecs business plans and programs. I blame him for the original problems and more so for doing everything conceivable to make the problem(s) worse.
Their American offices were in Beverly Hills. The most expensive place to possibly be. There was no reason for them to be in California, much less the most expensive part of it. They were horrific with money.
holy cow. i have not been following any Fanatec related news so this is the first i've heard of it. i'm shocked because i've been using Fanatec products for years now (starting with a shifter, then handbrake, then pedals, and most recently a GT DD Pro) and honestly, they are the absolute best purchases i've made for sim racing, alongside my Obutto Ozone cockpit which i bought more than a decade ago and is still going strong. the engineering that goes into Fanatec stuff is flipping awesome, especially when it comes to making fancy high end stuff like direct drive affordable for normies like me.
whatever happens, i just hope the regular everyday employees at Fanatec (customer service, engineering, software developers, and so on) get the best treatment possible.
Thomas is not going to let Corsair take the company which is sad because Fanatec will be a distant memory. We really need the company to survive but Thomas is kicking it down the drain.
R.I.P. Fanatec. You will be missed.
The IP collateral is an odd move prior to acquiring a company... would make more sense to buy their stock and insist they make payment plan arrangements with their suppliers to stabilise cashflow until a deal is done.... very suspicious
That would not work. If Fanatec went bankrupt, the stocks would be worthless.
@@MattSmith-ks2lc not if you’re buying the company. The stock is never worthless. It’s riskier than buying IP for sure but it’s a dodgy thing to do. If the sales are there then there is no reason to let the company go into receivership
Very factual and well presented. A refreshing change from Kireth's Fanatec Videos.
I would appreciate a follow up covering the net effect on all of the real world racing series associated with the brand should it in fact dissolve. Now would be an ingesting business story for sure. All of those partnerships, deals and sponsorships-who wins, who loses etc.
crazy for such a huge company, leaders in the sim racing world, i hope corsair actually gets everything from fanatec, because i find hard to believe fanatec going back from the dead
Really good video - nice and clear. Without knowing more it sounds like the replacement CEO was fighting an up-hill battle from Day 1 but the legacy of previous leadership has proven too great. I don't really understand why two shareholders getting to arrange an "extraordinary meeting" should derail arrangements that have already started. But I can see why "shareholders" get no compensation would make all investors angry.
Will not be missed. Taking orders just for the cash flow, lying about availability of products, giving no refunds and customers support was garbage for years.
While influencers had a good experience they did t give a shit about the average customer.
They did fine except that supply fk up
@@tototots2190 Its wasnt a fuck up, it was fraught. that is something that no one should ignore. Mistakes happen and if you deal with them openly, I have a lot of understanding. Here, the matter was kept quiet and only reacted when people were already kicking the door down.
RIP FANATEC
Im a bit afraid to send my pedals for the repair now...
So Corsair case prizes will go through the roof soon? So glad i went Moza! GL
Bought Fanatec DD pro recently, about month ago. Shipment was quite fast. It took 7 whole days to receive it. I am from Poland. Hope it will be all good :)
i want to get a dd pro because they are cheap right now was it a good buying experience?
@@joeparkes-ig9ps I had no problem with buying. It was buttery smooth. I got informed with every step how the delivery is going.
Although I do not use the system yet, as I do not have cockpit. I tested it for a few hours and it's all right as far
@@joeparkes-ig9ps Ye I had no problem with it. I as informed about every step of delivery. It was buttery smooth
So I’m in the process of buying a whole setup from fanatec - is the quality different now?
I was just about to buy a fanatic setup and this has all kicked off so I'm patiently waiting til it's all resolved... Such bad timing for me lol
3:11 Ruff was actually appointed as CRO some days BEFORE he was appointed as new CEO. Announced on 11th April with effect of 12th April.
You are right, I also said Andreas, while his name is Andres without a. -Michel
I wonder if fanatec will remember the channels that tried to score a few cheap views and likes over this.
They are all scurrying over each other trying to make the most drama over nothing much.
How does it work now for people who want to place orders? The store is still up technically and I assume it won't block people from ordering. Sorry if that's covered in their post, I have not checked it in full yet.
They continue to operate normally, filing for insolvency does not mean they stopped their business yet. -Michel
The solution: Logitec buys fantec. then they finally have proper steering wheels. Put less money into marketing and product placement and more into product development and reasonable sales prices and no fantasy prices. = Back to the Beginning of there own story !
Yes Saitek survived. But they stop providing drivers for old joysticks. :(
Saitek is owned by Logitech
Recaro and BBS are going through insolvency also..
3 words...What a Mess
Cheap for 100 million. The name is worth that alone.
now there is no way Thrustmaster will bother to release a console dd wheelbase
So..long story short, i should not be buying Fanatec atm?
The way German bankruptcy laws work, they will come out of this in a few months. They will not lose that much money, the investors will be screwed, but Fanatec will be making money in a very short time and now they can get out of sponsoring every race on the planet. Exaggeration for effect. They can stay with the series that are money makers. The biggest problem for a company making Direct Drives wheels is people only need to buy once, not every couple of years. That limits future sales to when people want a new steering wheel or a new more powerful base with new gadgets. At least Fanatec has a lot of wheels to select whereas Moza has virtually none.
What is insolvency? Why is Fanatec in deep trouble? Why should I know about this? Who or what is Endor? How does Corsair own Fanatec IPs? What is Saitek?
MOZA has an opportunity now to buy FANATEC and get all of their IP's now.
Lol wut.
im still confused, is it safe to buy fanatec gear or not?
better to be safe than sorry.. stay away from fanatec
no
The company in 6 months could be gone which would basically ruin any warranty so don't buy from them go moza
Lol wtf
Use brain
Das Problem ist das Fanatec denkt das Sie Lenkräder für PC Spieler machen müssen , das ist Grundlegend falsch. Ja Leute haben PCs, doch nicht mal 5% der Gamer haben high end Hardware und somit brauchen sie auch keine Lenkräder. Jeder zweite hat eine Konsole Zuhause Series X oder PS5 aber dafür gibt's nur Zweitklassige Lenkräder für doppelten Preis, die Lenkräder sind auf Konsole immer schlechter kalibriert als auf PC aber wozu dieser scheiß , damit paar hundert TH-camr sich feiern können das sie Fanatec am high end PC haben. Fanatec produziert völlig am Markt vorbei , was auch die Schuld solcher TH-camr hier ist.
Dann fragt man sich ja, wie die jahrelang ohne jegliche Lenkräder für Konsolen überhaupt so wachsen konnten und wie Firmen wie Asetek, Moza, Simucube und Co. existieren können. Glaube du liegst da etwas daneben mit der Einschätzung 🙂 -Michel
@@OverTake_gg simucube und asetek hab hauptsächlich Geschäftkunden, moza macht keinen Gewinn , nur positiven Umsatz. Ja und fanatec, die bekannteste und meist verkaufte Marke im Sim racing, pleite.🤣 Hoffe kommst selber drauf.
@@OverTake_gg frag dich wer in deinem Umkreis eins dieser Lenkräder hat bis auf die paar Leute aus deiner Liga. Die Antwort ist keiner , keiner dieser Firmen macht Ansatzweise Gewinn. Die halten sich alle mit fremd Kapital über Wasser oder gehen gleich an die Börse , da kann man besser betrügen.
All these companies going bankrupt should just declare themselves as countries because it's apparently a-ok for governments to go into massive debt. U.S. federal debt is 35 trillion right now. Was 7.9 trillion 20 years ago.
@@robblack8754 governmental debt and private / enterprise debt are very different things and they work really differently. Cant really compare these two. If a country takes money from a bank, the bank doesnt expect this money to come Back, but sees it more as an investment. If the country prospers, the bank prospers. If a company takes money from the bank, the bank wont profit from the company getting back on track, which is why they will expect the money to be paid back. It is obviously much more complicated and i am not an expert on it. Just wanted to say, that it isnt really comparable.
You must be fun at parties
haha
Yeah.... say thanks to republicans for me
Corsair build quality sucks
I mean when they started blowing millions on a go kart track,, over investing sustainable business growth, thats the point attention should have been caught and im sure the same point the other directors started to wonder wtf.. Since then the rest of this is just media hype and youtubers trying to make a living off other peoples pain.. Gutter trash rumour mill bull. say one thing one day,, say somethign else the other, none of it anymore than rumour.. all the while, your views click on in,, isnt it wonderful to be a part of the problem guys!!
It's not about rumors, it's a timeline of events and facts, affecting thousands of costumers, Fanatecs partners etc. right now. -Michel
Fanatec was a joke. Their equipment was not even close to affordable. Im not sad or suprised. It was written on the walls. Thier customer service was a joke. Wheels took years to arrive. Its the worst company ive seen.
Sound like it´s high time to sell all fanatec gear and move over to a more reliable company that doesn´t make it a sport to piss in as many customers faces as possible
Let Logitec by them out then
I dno about Logitech now, they have apparently gone downhill a lot recently qualitywise. They even wanting to bring out a subscription mouse( yes, you pay monthly fee). New CEO apparently
I really like my fanatec products but their customer service has always been bloody awful and difficult to communicate with🤔