Nagoshi Studio Dissolves: The Future of Ma Dong-seok's GANG OF DRAGON Uncertain
Nagoshi Studio, founded by Toshihiro Nagoshi following his departure from SEGA, has officially dissolved. The dissolution leaves the future of GANG OF DRAGON—an action-adventure title starring actor Ma Dong-seok—in a state of uncertainty.
According to an official gazette published by the Japanese government, Nagoshi Studio has entered formal liquidation procedures. The decision to dissolve the studio was finalized at a shareholders' meeting on October 31, with Minoru Morinaga appointed as the representative liquidator. While the dissolution marks the formal end of the corporate entity, it is a legal procedure to settle assets and is distinct from bankruptcy due to insolvency.
Established in November 2021, Nagoshi Studio was the first independent venture for Toshihiro Nagoshi after his tenure leading the Like a Dragon series at SEGA. The studio was fully funded by China's NetEase Games, with a primary focus on developing major titles for global console markets.
The studio's flagship project, GANG OF DRAGON, was unveiled at The Game Awards in December 2025. The action-adventure game features actor Ma Dong-seok as the protagonist, Shin Ji-seong, and is set within the criminal underworld of Japan's Shinjuku and Kabukicho districts. It was highly anticipated as Nagoshi's debut project outside of SEGA.
Development, however, faced significant hurdles. In March, Bloomberg reported that NetEase decided to discontinue financial support for the studio starting in May. Completing GANG OF DRAGON was estimated to require an additional 7 billion yen in funding. While Nagoshi sought new investors, a major obstacle emerged regarding asset ownership: NetEase reportedly required the studio to cover the costs of retaining existing development assets and intellectual property to operate independently.
The studio's decline accelerated throughout the year. In May, the official website went offline and key staff members departed. By early October, reports indicated that Nagoshi and other executives had been removed from the corporate registry's board of directors. The recent official gazette publication now confirms the final dissolution of the entity.
Currently, the Steam store page for GANG OF DRAGON remains active, with the release date listed as
As of now, there have been no official statements regarding the resumption of development, the acquisition of new investors, or the transfer of the project to another entity. No formal cancellation of the game has been announced.
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