In the quiet language of an official gazette, a studio that once carried a famous director's hopes into a new era has been formally laid to rest. Nagoshi Studio, born of Toshihiro Nagoshi's departure from the Like a Dragon world he had shaped, was built on another company's money, and when that money was withdrawn, so too were the conditions for its survival. Its flagship GANG OF DRAGON, still waiting on a Steam page with no date, now hangs between what was promised and what may never arrive. Dissolution here is not the ruin of bankruptcy but an orderly closing of accounts, which makes the sil
Nagoshi Studio Officially Dissolves as Ma Dong-seok Starrer 'GANG OF DRAGON' Faces Uncertain Future
In the quiet language of an official gazette, a studio that once carried a famous director's hopes into a new era has been formally laid to rest. Nagoshi Studio, born of Toshihiro Nagoshi's departure from the Like a Dragon world he had shaped, was built on another company's money, and when that money was withdrawn, so too were the conditions for its survival. Its flagship GANG OF DRAGON, still waiting on a Steam page with no date, now hangs between what was promised and what may never arrive. Dissolution here is not the ruin of bankruptcy but an orderly closing of accounts, which makes the silence around the game's fate all the more telling.
On page 176 of Official Gazette No. 240, published November 2, a brief legal notice recorded the end of Nagoshi Studio. Shareholders voted to dissolve the company on October 31, and Minoru Morinaga was named representative liquidator. This is liquidation, a winding down and settling of affairs, not a collapse into insolvency. The distinction matters, but it does not soften the loss.
Nagoshi Studio was founded in November 2021 by Toshihiro Nagoshi, who had led the Like a Dragon series at SEGA before setting out on his own. China's NetEase Games fully funded it, and the studio aimed to make major console titles for a global audience. Its first project, GANG OF DRAGON, starring Ma Dong-seok in the criminal underworld of Shinjuku and Kabukicho, was revealed at The Game Awards in December 2025 and drew wide attention as Nagoshi's first work since leaving SEGA.
The trouble came quickly. In March, Bloomberg reported that NetEase would stop financing the studio from May, and that at least 7 billion yen would be needed to finish the game. NetEase was reportedly willing to let the studio go independent, but only if it paid to keep the development assets and intellectual property. Even a successful search for investors could not guarantee that work would continue.
By May the studio's website had gone dark and key staff had left. In October, former executives, Nagoshi among them, were removed from the corporate registry's board listings. The gazette notice now makes the end official.
The game remains in limbo. Its Steam page is live with no release date, and no official word has addressed whether development will resume, whether new backers exist, or whether the project will move elsewhere. It has not been cancelled. Five years after its founding, the studio meant to be Nagoshi's ambitious independent follow-up is gone, and what happens to its game will depend on who ends up holding the assets.
On page 176 of Official Gazette No. 240, published by the Japanese government on November 2, a short legal notice records the end of Nagoshi Studio. The company dissolved after a shareholders' meeting resolution on October 31, and Minoru Morinaga is named as the representative liquidator.
The notice turns months of rumor into formal procedure. It does not, however, mean the company went bankrupt. Dissolution here means the corporate entity is entering liquidation so it can be wound down and settled, which is a different thing from collapse through insolvency.
Nagoshi Studio was founded in November 2021 by Toshihiro Nagoshi, who had led the Like a Dragon series at SEGA before striking out on his own. It was fully funded by China's NetEase Games. The studio announced its official launch in January 2022 and set out to build major titles for a global audience, with consoles as the main focus.
Its first project was GANG OF DRAGON, shown for the first time at The Game Awards in December 2025. The action-adventure game casts the actor Ma Dong-seok as a protagonist named Shin Ji-seong and takes place in the criminal underworld of Shinjuku and Kabukicho. It drew considerable attention as Nagoshi's first project since leaving SEGA.
Trouble arrived about three months after the reveal. In March, Bloomberg reported that NetEase had decided to stop financing the studio from May. According to the reports at the time, finishing the game would take at least 7 billion yen in additional money, and Nagoshi began looking for new investors.
The sticking point was who owned the development assets. NetEase was reportedly willing to let the studio become independent, but held that the studio would have to pay the corresponding costs to keep its existing assets and intellectual property. That meant even a successful search for investment would not guarantee that development could continue smoothly.
The decline came quickly. In May, the studio's official website became inaccessible, and key development staff were confirmed to have left. In early October, Japanese media reported that former executives, Nagoshi among them, had been removed from the board of directors in the corporate registry. The company was still legally active at that point; the gazette notice now confirms its dissolution.
The game itself sits in limbo. Its Steam store page is still live, with the release date listed as to be announced. No official statement has addressed whether development will resume, whether new investors have been secured, or whether the project will be transferred elsewhere. Nor has the game been formally cancelled.
About five years after its founding, the studio that was meant to be Nagoshi's ambitious independent follow-up to Like a Dragon is gone. What to watch next is whether the assets change hands, whether a cancellation notice appears, or whether a new publisher steps in.
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