Nagoshi Studio, founded by Toshihiro Nagoshi, the creator known for the 'Like a Dragon' series, has officially dissolved. The release status of its new title starring Ma Dong-seok, 'GANG OF DRAGON,' unveiled late last year, has also become uncertain.
On page 176 of Official Gazette No. 240, published by the Japanese government on November 2, a dissolution notice for Nagoshi Studio was published. According to the announcement, Nagoshi Studio dissolved following a resolution at a shareholders' meeting on October 31, with Minoru Morinaga serving as the representative liquidator. The announcement confirms that rumors regarding the closure of Nagoshi Studio have now progressed to formal legal dissolution procedures. However, dissolution refers to entering liquidation procedures to settle the corporate entity, which is distinct from bankruptcy resulting from insolvency.
Nagoshi Studio was a development studio established in November 2021 with full funding from China's NetEase Games after Toshihiro Nagoshi, who previously led the 'Like a Dragon' series at SEGA, went independent. Since announcing its official launch in January 2022, the developer had been pursuing the creation of major titles targeting global markets, primarily centered on console platforms.
Its debut title, 'GANG OF DRAGON,' was unveiled for the first time at The Game Awards in December 2025. An action-adventure game starring actor Ma Dong-seok as protagonist 'Shin Ji-seong,' the title explores the criminal underworld set against the backdrop of Shinjuku and Kabukicho in Japan. It drew significant attention as Nagoshi's first project after departing from SEGA.
However, development hit a roadblock just three months after the game's announcement. Last March, Bloomberg reported that NetEase had decided to discontinue financial support for Nagoshi Studio starting in May. According to reports at the time, completing 'GANG OF DRAGON' was estimated to require at least 7 billion yen in additional funding, prompting Nagoshi to search for new investors.
The main issue revolved around ownership of the development assets. NetEase was reportedly open to allowing Nagoshi Studio to become independent, but maintained that the studio must bear the corresponding costs to retain its existing development assets and intellectual property. As a result, even if new investment were secured, it remained uncertain whether game development could continue smoothly.
The studio's circumstances worsened rapidly thereafter. In May, its official website became inaccessible, and key development staff were confirmed to have departed. In early October, Japanese media reported that former executives, including Nagoshi, had been removed from the corporate registry's board of directors. While the corporate entity technically remained legally active at the time, this official gazette publication has now confirmed its final dissolution.
Meanwhile, the Steam store page for 'GANG OF DRAGON' remains active, with the release date still listed as to be announced. However, no official statements have been made regarding the resumption of development, securing new investors, or transferring the project. An official cancellation of the game has also not been formally announced.
With Nagoshi Studio dissolving approximately five years after its founding, Toshihiro Nagoshi's first independent endeavor—launched as a ambitious new project following the success of 'Like a Dragon'—now stands at a critical crossroads.
