Fanatec Bankruptcy Gets HUGE TWIST - Corsair Speaks Out!
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- Опубліковано 20 жов 2024
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The complete truth about Fanatec, customer service, shareholders, hedge funds, bankruptcy, Corsair - it's all here.
The explosive, unedited interview with Fanatec CEO Thomas Jackermeier where I ask him YOUR QUESTIONS on the Fanatec Black Friday orders, customer support tickets, the ClubSport DD+ not shipping, warranty dates, shipping in different boxes and MORE. Thank you to everyone who responded on UA-cam and to the Sim Doctor newsletter asking for your questions.
Sim racing influencers owe it to you to ask these tough questions and represent you with these sim racing manufacturers. If you feel like they are not representing you, ask them why not.
After the interview Fanatec added the following in respect of warranties:
"The warranty start date shown for any product in a Fanatec account is based on the shipping date of the order. This means if the customer purchases a pre-order item, the purchase date has no bearing on the start of the warranty coverage. If the customer requires support towards the end of the warranty period, we take the date of delivery into account."
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#kireth #FANATEC #simracing #granturismo #forza #forzamotorsport #xbox #playstation #forzathon #maplevalley #forzavsgranturismo #gt7 #forzamotorsport8
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Thanks, but I'm curious. Do you have a degree in Journalism? I ask, as a lot of UA-camrs claim to be journalists, but most have no actual training or degree. Thanks.
@@Ty-er5ok whether you like the content or not it's a stupid question to make. Journalism is something you do. You don't need to have a degree to be a journalist just like being a musician does not require degree in music.
Great Video Kierth. If they do take over and things can get moving. I believe in 2025 they need to focus on the console market more and help us console players be able to use the full functions of the Fanatec eco system, we need to be able to button map etc. Otherwise others will do it and they'll be flogging a dead horse.
Clickbait kireth
@@daddictionmusic Got you to click. Well done.
I just want to see this company survive. They are all over the place and make great products. I love mine and want to see them somehow continue.
We ALL want to see Fanatec survive and servicing customers
@@Kireth I would dare to say we NEED it to survive, as loosing such great competitor in simracing equpment market would be a disaster.
Corsair is not Fanatec and there is no reason to assume the company and their products will remain the same. There is always hope.
Yeah man great products. Except they take months to deliver some times. Sometimes never deliver at all and forget the insane thousands and thousands of people posting some of the worst customer service experiences I’ve ever seen. I mean why buy simagic which cost less , has none of these issues , you should for sure continue to be a fool and support fanatec.
@@SticksAandstonesBozo I did't say buy Fanatec, also I didn't say that I support Fanatec. I wouldn't buy Fanatec at the moment and I think it's obvious. All I said that losing big name at simracing equipment market will be bad for the whole industry. I don't think that we would get cheap direct drives if not for CSL DD and as for your example, what price Simagic Alpha Mini, with pedals and whell would be compared to Ready2Race bundles? The whole point of my message - the more competitors the better it is for the consumer, yes I would by Simagic or other high end base + wheel and pedals I like, but a lot of people wouldn't and it would gatekeep people from simracing because, let's be honest, it is quite an expensive hobby and the more people will be in simracing the better for all simracers.
Point of criticism, Keep the video on track about the questions. The sidebars about the sentiment etc feel like ego stroking.
Taken on board!
@@LionSandwichyes, he seems to be making videos for the sake of making videos. There a clear change on his channel in the last few months and he sounds utterly bored doing it like some one has a gun to his head.
@@LionSandwich Dude brings you important info, and you bang on about clicks? It's not like he's a celeb pushing the Vax is it!
@@RTR_R_TEMPO🙏👍👍👍💓
@@LionSandwich what’s the timestamp where something is inaccurate?
There's always so much fluff on your videos.
Is like 25% substance 75% fluff.
The way you structure your thoughts comes across like a snake-oil salesman.
I like your content and I find some value on your opinion, but cut to the chase, man! I don't need you to give me a sales pitch every 5 seconds, I'm already subscribed.
This is probably like when BMW bought MG Rover - they didn't want the Rovers, they wanted the IP like FWD knowledge and experience, plus names like Mini.
Corsair don't care about Fanatec as a business, they want the IP, the technology and the information.
Yea it's an economic criminal take over, and some of the board of fanatec is most likely involved in this.
The crazy thing is that the company gained revenue every year. This is not an insolvent company. It could've easily been fixed if wanted.
Some people are gonna get really rich, and others, like investors and founders of fanatec are gonna get nothing.
While I don't consider Kireth a journalist per say (general click bait titles (among other things) lends to damaging this image to be honest), in fairness, I do appreciate the effort he takes in reaching out to companies/CEOs and getting answers. I wonder how many other sim racing sources do the same. Maybe more than we think, maybe less... I don't know. So while there is a lot of self praise on his part, I think there is some kernels of truth rooted in it (though modesty can go a long way here in helping channel image). Boasting is rarely viewed as a favorable character trait if I'm being honest. If you look at some sim youtubers like Will Ford (Boosted Media) for instance, he keeps a level head on his shoulders. While his channel is different and I don't consider his a direct competitor to this one, how he carries himself is admirable.
Very true. Kireth talking himself up in every video gets annoying real fast and makes me not wanna watch him. Which is a shame cause there's genuinely good information there to be shared. But almost half the video is spent on "I'm this, I'm that, I do this for you, I gain nothing from this".
Will took the baton over from Barry Rowland (Sim Racing Garage) and while I preferred Barry and miss his almost ASMR style delivery Will is modest and his way of doing YT is commendable.
I bought my first fanatec wheel in the form of the DD extreme Gran Turismo 7.. it got here within a month and has delivered in every way possible.. I have only used thrustmaster products prior to ordering a fanatec.. I am extremely impressed and satisfied with the money that I spent for the quality that I've gotten.. I know there must be some factory issues and delivery issues but.. have patience people.. because once it arrives it will absolutely be worth it whatever it is you order from them..
Like others have said, a little less self promotion and more modesty will take your channel to another level. Putting that aside thank you for your service. BTW I have been treated very poorly by FANATEC so no surprises that they have gone under. Who knows there may be a day I stop hating them for what they have done to me.
The problem with the whole thing was the STARUG process. This procedure would have resulted in all shareholders losing their shares in the company without receiving anything in return.
Since Thomas Jackermeier is the majority shareholder, this would have meant that his shares would not have been worth a single cent more. I can therefore also understand that he is committed to his shares, as well as to all other shareholders.
Maybe corsair could actually get involved as an investor. However, it must not be the case that all shareholders would lose their shares as a result.
If you are trying to report as a true "journalist" and not influencing the storyline of your reporting then you would also be including the current management of Fanatec along with their dealings thus far with Corsair are trying to push the founder and former CEO Thomas J. out of any ownership or position with the company he founded and made globally successful.
If I were Thomas I also would be throwing every monkey wrench possible into any dealings which screwed me out of the company I founded.
There is a lot going on behind closed boardroom doors that no one in the general public sector are being told or made privy too and without that missing information it is impossible to know the complete story.
All we are getting is the public relations fluff that the players want us to believe not what is actually happening in the trenches behind those closed doors!
The only thing I'd disagree with is: "and made globally successful". If it was "successful" the company would not be insolvent, bankrupt, or whatever adjective you want to describe the problems it's going through. The products are great (IMO), but the company itself cannot be considered successful if it's bankrupt.
@@bwxmoto In its current state under the current leadership it is insolvent, back up a few years and you find a very successful global company.
You cannot always pass judgement or characterize the company's success or failure on a singular snapshot of a specific time out of the company's entire history.
@@billwiley7216
Fanatec didn't become insolvent under the current leadership, they only became the 'current leadership' because Thomas ran the company into the ground with mismanagement, and he was thrown out, in an attempt to get things back on track.
If Thomas was as capable as you seem to think he is, Fanatec would not be in this mess.
You seem to be suggesting that the Guy (Thomas) whose activities put Fanatec in the situation that they currently face, should be allowed to come back and have another go, it just doesn't work that way when a business has fallen apart like Fanatec has.
Thomas is a bullshitter, all he ever had to do was run the company (Fanatec) properly and responsibly, and he clearly didn't do that, or it would not have come to this, trying to blame or criticize a new Management team for not wanting the Guy that ran the company into the ground to simply come back and take over, is simply you, not dealing with reality.
@@billwiley7216 are you talking about "that" T. J. - the guy that split off the profits into a separate company to pull them out of fantatec? The guy that mismanaged the company for years and created the whole situation?
That's cute. Yeah, give him the company back so he can profit off of it more and run it into the ground again while doing so. Makes sense.
That said I don't own Fanatec products anymore. I would still fully support you in this.
I mean who cares about those employees or customers. But competition in the end is good for the business - even if they are weird - still could mean better prices for the people that don't buy from them after all.
If Corsair say they are committed to simracing regardless of what happens with Fanatec, then I'm all for it. They are a big company, and make great products.
I've a Logitech G Pro wheel, and VERY happy with it, but think that the arrival of Corsair may very well put real pressure on companies already in the market to lift their game and not take their customer bases for granted.
Any pros/cons of the Logitech G Pro worth flagging for potential purchasers?
@@Kireth wheel selection. Maybe if they had an adapter/support for third party wheels?
@@Kireth You have one, don't you? :-) From a personal POV, I absolutely love mine. I'm a mid-B racer, so not as discerning perhaps, but here's my 2 cents worth: Sure, the ecoystem is the biggest issue, but from what I've read on GT Planet's G Pro forum, Logitech are due to release a bunch of new peripherals for the G Pro.
There is a poster there who is fairly high in the chain of development at Logi (LogiRich) who is a huge help to owners. That's another thing about Logi: the customer support and reliability.
I've had mine for about 10 months and am happy with the D-shaped rim. I bought a DriveHub a long time ago to unleash the full FFB, but that is not an issue anymore with 1.49 unnerfing the wheel. But, the DH gives me compatibilty NOW with other manufacturers' peripherals. I have not bought any, but Fanatec shifters, Moza, etc now mostly compatible. For instance I can use Moza shifters and pedals with the Logi equipment.
Coming from a G29 and then a G923 I'm attracted by the build quality and reliablilty, but the biggest positive feature for me by a LONG way is the implementation of TrueForce. Dialed-in to non-stoopid levels it offers an incredible level of immersion.
Yeah, I'm a happy camper, and I've previously owned a Fanatec DD Pro wheel and was super disappointed with all the build quality, reliability and (lack of) customer after-sales support, so not bagging Fanatec from afar.
Corsair PR is doing a great job with those responses. Good luck to all involved. And most of all, great questions, Kireth! Subbed!
I've not long discovered your channel, and I'll be watching this story closely as I was really thinking about buying a GT DD Pro until I saw your first video on this bankruptcy. Thank god someone like you is on the case.
Even as a staunch Simagic loyalist, it would be nice if Fanatec lives on. They havent even scratched the surface on the podium line, while competitors introduced shifters, handbrakes and pedals sets that are significantly more high-end than what Fanatec currently offers.
Fair play for making the effort to actually approach these companies as I don't see any other Sim Racing channels doing it. I think Corsair's answers are stock PR, nothing surprising or no revelations - their answers don't suggest anything new. They gave Endor a bridging loan as were keen to invest, IP as collateral which we knew. StaRUG process ended up forcing insolvency, so Corsair will just see how this plays out now, they have a 4m stake in it, either way they are getting their money back (the Fanatec IP has to be worth more than 4m). I've been part of a few M&A's now in different firms and what is being said on the outside isn't even 10% of what's really going on and what conversations are really happening.
It's good that you've got people talking about it, but to suggest matchmaking or having any influence over the future relationships in this deal is absolutely wild.
its blabbing for views, you send mail and call it investigative journalism...xd ure pumping drama and emotional blabbing for yt contente and views. you mention the question and go on x minutes of blabbing your own "feelings". wtf
Thank you Kireth, I appreciate the update. Good work 👍
Thanks Kireth ..much appreciated
Subbed for the good update about the situation
Thanks! The support has been crazy, you're helping us get to 100k 🙃🙃🙃
Great video and well presented. Great to hear the latest news and approach.
We appreciate your work Kireth. You are really the only one that has kept us informed on matter.
And thanks for letting me add you on PlayStation network.
Great video.
I have been looking to get the Clubsport DD bundle but after this im not so sure.
Being a teenager i don't understand all these insolvency laws etc so could i ask a question?
Why SHOULDNT I purchase into the fanatec ecosystem? After all warranty is still there, software and drivers are still going to be updated and more.
I do have other options like the simagic alpha mini but Fanatec has always been my 1st pick.
I’ve been watching you for somewhere close to two months now since I got back into GT7 and I didn’t know what to think about you but I will say I gained a little more respect for you today. Keep up the good work, we appreciate your efforts and hopefully some fruit will come out of this down the line. Race On 👊🏽
P.S., Controllers Rule 😂
Subscribed from my sim racing and my personal UA-cam channels! Keep bringing the news and going into some more videos of yours!
I think with the correct negotiations with both company background I think they could create a powerhouse of simulation on all platforms at the same time both companies bring benefits to each other if Corsair is serious about getting into the sim racing world
The Ego here is so annoying, pleasse stop all the self love. however, you are the only person brave enough to report on the Fanatec as everyone else seems to be silenced for some reason, perhaps the loss of freebies if the company gets out of this trouble.
Wasnt aware of situation and bought stuff from fanatec for over 1k august.2 now worried if i ever even get my products or money back anyone have info if they even ship orders anymore or answer anything, order in process still and kinda want to cancel it and buy moza products instead becouse of the current situation but afraid i wont get my money back.
This is why i sailed my Fanatec down the road ... Customer loyalty does nothing for poor decisions on the business end .
Thanks for the info. Keep up the good work..
Thank you! I appreciate it
Subscribed! Love the news you bring very informative and nothing but facts from the sources words. I just entered the Fanatec ecosystem last Black Friday and I had a great experience with them. It took a little longer to get products to the United states but I had everything in two weeks and I hope they keep running with whoever is the owner I love the product
This is a very one sided point of view of what is happening here.
There are still laws and orders to be followed and the court simply decided that a General Meeting has to be scheduled. So whatever TJ is doing here is in line with German law! If Corsair would have been so serious to save the company, they would not have withdrawn their offer.
Subscribed on this video, really nice work bringing us answers we can't find anywhere else
Corsair is a secured creditor at this point. That should give them some leverage in bankruptcy. My guess is they will buy the assets at a steep discount and the other creditors will take a loss. The existing shareholders lost their investments a long time ago.
just like 95% of these kind of insolvencies, it will only be sold in the absolute last minute for the cheapest. If not then Corsair would be negligent to their shareholders.
Kireth, great reporting. Sounds very positive from Corsair at the end.
It's going to be interesting to see what they do, let me grab a drink and popcorn.... :)
I subscribed a while ago!! I do like your content and I respect your opinions and appreciate your concerns as well. Keep up the good work!!
Hi Kireth sorry to ask here but do you know if PD will fix the physics of Patch 1.49 in GT7? because if not I’m going to quit and move on another game
Literally just ended up accidentally breaking my fanatec brake pedal today so hopefully they can get their stuff sorted
I bought a new brake recently. Received it in 5 days.
I think a big part of all this is that fanatec's products are just behind of everyone else or too expensive. Its not just the management and bad costumer service, Their lineup is just meh atm.
I think thomas doesnt think the company is worth zero and he doesnt want to lose his baby especially for nothing which is fair enough. Hes probably right. I think there is a deal here to be made if everyone just gives a little.
Thanks for getting an answer to my question. Thats what i thought but it was good to get thst clarity
Just subscribed. Excellent final questions.
Ignore the haters and press on mate, your approach to assessing the issues relating to SIM racing arena is solid🎉
Cheers 🍻
& kind regards,
BattlemyRipple
Fanatec ad literally interrupted this video for me. Insolvent but still running youtube mid-roll ads? Interesting move.
I guess I stand corrected - Fanatec are paying me a few pennies to make these videos!
@@Kireth get it while the getting is good. 🫡🙃
I would highly suggest investigating the legal and business processes in play here, speaking openly while these are going on is not possible, as Corsair did, they cant speculate on the future, or their intentions. Nor can Thomas Jackernier. Bring insights to the community on how these things work to understand the back stabbing coop going on inside Fanatec.
I was almost ready to pull the trigger on a dd for gt7 on the ps5…
So just wait or go with something else?
Should i cansell my order
I have zero Fanatec products. I have zero desire to buy any. However, I keep coming back to your channel due to your integrity and diligence on this topic. Please keep up the great work!
Is it still possible to get the metal QR2 ?
I subscribed and Liked, first time hearing/seeing your content. I have all FANATEC equipment on my rig so I hope they survive in some form.
Drop the full csl dd kit for 300 and get reliable shipping and they will be rolling in dough. 😂
Amen brother
Corsair peripherals have been extremely reliable for me ever since I switched from Logitech over a decade ago. Honestly, everything physical I've ever owned that was Corsair has been a great product. This gives me a lot of hope for Fanatec, honestly. The only downside might be having to use iCue to use your wheel. xD
New sim racer here getting ready to upgrade from Logitech. Was considering Fanatec. Should I be worried or should I go ahead and send the order through
i have over $1400 in their equipment. i was expecting to buy a Podium DD2 and they are still out of stock. This blows honestly. i hadnt been able to use any of this stuff.
No FullForce implementation coming any time soon... This was one of the signs...
Really nice video Kireth. Even with all the issues the future does look bright. If Jack and Corsair could work together it could be a great partnership. Especially, for the global market and local availability and accessibility. Anyone could buy their entire setup directly at a best buy instead of going online and a mix of both will bring more sales at the end.
Why are the csl dd bundles taken away from the website? Isn't that the biggest selling items? I think that is a big clue.
Maybe they'll come back with QR2's? They just put the 5nm/8nm CSL DD out with the QR2 base side.
@anticommoncore4065 The same day, they filed bunkrutcy. The bundles are gone, and only the Playstation bundle is still available. It does not make sense.
Love your work sir. We appreciate the honesty
There’s buying the company or buying the brand. The brand is strong but there’s baggage if they go for the rest. Corsair will won’t to scale this much more in their way not the way Fanatec tried to do it.
Mr. Kireth the Sim Racing Journalist. thank u for the updates!
Thank you!!
Well, all things considered, sounds good to me. Thanks man👍👍
Unsubbed. Went from an interesting channel to just making nonesence for veiws.
It was a toss up between Fanatec or MOZA for me, good luck to Fanatec but so glad I went MOZA
Is it possible for corsair to buy all patents from fanatec and let them bankruptcy and then create their products buy themself under corsair name??? A question
Possible but hardly Corsair have done something positive when it comes to sim racing stuff (Madcatz) Xd
Now I’m worried as was looking to get a gran turismo dd pro wheel from fanatec…
Kireth the matchmaker 😆 do it for the love of sim ❤️
Wow.. just wow.
As someone who wanted to skip to the part where the statement actually was I would like if u put up images on screen while talking about it :D no hate
Thanks for the update Kireth!
(Harsh) Truth be told ... jack-off-maier is the least credible and most incompetent player in this whole scenario. This is all on HIM. (and obviously Kireth for his video a few months ago on fanatec)
Custom support fanatec ?????
They answer a question with more questions. And then its quiet. They dont respond it S....S
I want to know the net effect on motorsport sport should the brand die. All of the current real world racing series, sponsorships, partnerships-winners and losers when a title marquee name is gone.
Corsair did make a rig, I posted the video of it in your Discord in the Sim rigs channel.
I just want this to be over lol, I love my CS DD and F1 wheel and would hate have to reinvest in a different base at least right now, not that a Simucube Pro isn’t tempting.. Just can’t justify buying the Ultimate.
I'm curious! Are you gona keep using Fanatec Kireth? Or are you opting for some other brand?
@Kireth, save Fanatec man! I still need that Mcclaren Wheel
I am about to order the 8nm csl bundle for about 430 quid which I think is a great deal, so I am taking this news as good news.
Uhh Corsair pulled out
@@Kireth Ok thats a bugger. Looks like Moza then, the r9 wheelbase is a good price but the cheapest wheel I can find for it is 125 quid, that makes it 429 without peddles, more than Fanatec with peddles. Edit ... it makes it the same price as fanatec but without peddles.
You make me want to cry.
PLEASE GET TO THE POINT
hopefully the corsair deal can become reality. If not then i fear the fantatec name goes into the abyss along with future support.
Do you think fanatec warranty is still good?
Great work. Thank you!
Of course Corsair is going to tell customers the future is rosy. I put no weight to those claims. I would certainly not be buying anything Fanatec at this time.
If Corsair buy fanatec. would the price shoot up for the DD unit
What are good alternatives to fanatec.
On PS5, the only direct drive alternative I'm aware of is the Logitech G Pro. Logitech gave me one 2 years ago for ACC but I ended up using it for hundreds of hours of GT7 on stream. Code KIRETH gives a discount at logi.gg/kireth
On PC there are PLENTY of alternatives - but the grass won't always be greener when it comes to customer service and shipping times etc.
@@KirethI’m a pc user. So I’ll try have a look
@@isaachastings MOZA, Huge ecosystem now. Buy it at Microcenter if you have one near.
@@isaachastings I'd have a look at moza, they seem really good. I'll be getting the R5 for my first wheel.
Moza is certainly worth taking a look.
"Like any good journalist..." :)
Just subscribed
If they just lower their prices they won’t go bankrupt 😂😂
Margin on those things gonna be over 50%
Btw, are you under NDA to not showing us the email? Just asking tho
Someone needs to contact Elon or Bezos or even Bill Gates. Any 1 of those boys could drop a few quid & offer help to get it back on track. There’s a good community behind Sim Racing & Fanatec is a big part of the community.
I'd like corsair to take over and NOT have thomas as boss. Why? When I look at my move from thrustmaster to fanatec all them years ago. I see very little improvement from the brand, I see moza doing stuff fanatec should of long ago. So when I look at a brand that's just not working anymore, it's usually down to the ceo. Think about this for a second. Name me another brand that has about 6-10 versions of the same wheel but with a colour change or amextra padels. They Bled dry that formula wheel while producing very little for customers to actually buy. What I would do as boss, is add more wheels to the collection. All range of prices and designs, id then make adapters to make them open to all wheel bases. That would bring in income from ppl who don't typically use fanatec products. Enter fanatec into the sim world and not stood alone in the naughty corner. I'd also rebrand it. Fanatec would be gone for me and I'd want a completely fresh start. Maybe even Corsair Racing. I'd then as ceo be asking corsair to find a developer and make a game called "Corsair Racing 1" tie both brands together. Use the game for free advertising of products. Set the price at £25. I think rebranding fanatec is essential.
All good and well. Good reporting, but just a hint for future videos, although it is understandable that you have to promote and justify your stance in the matter; a small disclosure notice before and after videos is much easier than having to explain your perspective and standpoint.
Otherwise, thank you for informing us on what essentially has become an internal power struggle at a company.
Whether it be Corsair or some Chinese company coming to their rescue; it better bring the prices down. All good and well that Fanatec is quality, but from my small group of international racers, since the DD has been released, on Gran Turismo, we had many cases of the wheel shutting off 30 minutes into a race. Could it be the decline of the companies standards since this whole debacle has started? I dont know. It will be good to have Corsair come and try to be competitive; but overpricing for us folks who arent sponsored is not so much fun. Good luck to them & to you Kireth.
Kireth, Save Fanatec man!
i bought fanatec today i am fucked i am a little bit stressed i want to get my stuff
Got to admire Krieth's confidence.... 😃
I like your channel and I'm interested in the news you are presenting, but we're not dim witted Americans or Australians who need a recap after every advertisement break. We can retain previously explained details from your other videos over the past month or two.
I get that you need to up the timer count for monetary purposes on YT.
We appreciate the news and everything you're doing though. Corsair for the win, Jackemeir in the bin.
I just want a McLaren race wheel…I can live with my wheel base and what not
Great info. But this video could have been half as long. So much waffling on or plugs to subscribe.
SimRacing hype is over people realizing to not waste they hard earned money finacial crisis is on the horizen, so put your money where your mounth is.
Btw corsair are also in trouble themselves...
Kireth, the only person who can save Fanatec and the only person who talks about the Fanatecsituation. What an egoism.
Look the videos from Lacktausch or other here on YT.
The only thing you said is that you the best man. Perhaps you should be CEO of Fanatec and rescue the company (sarkasm? Maybe!)
What did the actual managment do with the money they get from Corsair. Did they pay bills with it? Because the bank or other companies didn't get some of that money it seems. Otherwise Fanatec would not be insolvent.
Why is Corsair the only who can save Fanatec?