Carl Bialik from WSJ writes "Major League Gaming, aspiring to become the official league of professional videogaming, raised $10 million in funding from Ritchie Capital, and named Matthew Bromberg, the former general manager of Time Warner's Moviefone and AOL Games properties, as president and chief operating officer, the Wall Street Journal reports. 'The championship match for MLG's second season will be held this weekend in New York , where individuals and teams of gamers will battle against others in fighting and shooter games like Microsoft Corp.'s Halo 2 for a total of $100,000 in prizes. ... The company says it is in discussions with various cable networks about deals to have its competitions carried on television. "We want this to be covered as a circuit," said Mr. Bromberg.'"

Source: Games.Slashdot.org

Copied from the Wall Street Journel.

A company seeking to elevate competitive videogame playing into a professional sport said it has raised $10 million in financing and appointed a former Time Warner Inc., executive as president.

Major League Gaming Inc., of New York said it has received $10 million in funding from Ritchie Capital, an asset management firm with venture capital investments in the biotech, energy and digital media sectors. The company said the investment will strengthen its efforts to become a sports league. MLG holds game tournaments throughout the U.S. , culminating in a final championship game every year.

Major League Gaming also said it appointed Matthew Bromberg, the former general manager of Time Warner's Moviefone and AOL Games properties, as president and chief operating officer.

The championship match for MLG's second season will be held this weekend in New York , where individuals and teams of gamers will battle against others in fighting and shooter games like Microsoft Corp.'s Halo 2 for a total of $100,000 in prizes. MLG's third annual professional tour will start in New York in late March, wending its way through Dallas, Atlanta, Los Angeles and Philadelphia, before October playoffs in Chicago and a November championship in Las Vegas. The total prize money for winners in the third season will be $500,000, the company says.

Mike Sepso, co-founder and chief executive of MLG, said the inspiration for the league came from his realization that some gamers, many of them teenagers, were far superior in their game-playing skills to others, just as professional athletes in established sports hold superior skills.

"That's what makes it a sport," says Mr. Sepso. "It's not chance. It's really based on skill."

MLG has its own competition from other organizations attempting to become the official league of professional videogaming. In November, representatives of various nations competed in the World Cyber Games in Singapore , playing titles like FIFA soccer, Halo 2 and CounterStrike.

MLG typically sets up its tournaments in hotel conference rooms or convention centers where as many as 1,200 competitors assemble before 1,000 spectators to play each other.