The future of Nagoshi Studio, founded by Like a Dragon creator Toshihiro Nagoshi, had been shrouded in uncertainty after its official YouTube channel was deleted, investor NetEase Games withdrew its funding, and even the studio’s official website became inaccessible.
On October 31, 2026, shareholders voted to dissolve the company. The decision was published in the Japanese government’s Official Gazette on November 2, formally announcing Nagoshi Studio’s dissolution.
According to the dissolution notice published in the Official Gazette (Extra Edition No. 240) on November 2, Nagoshi Studio was dissolved by a resolution passed at its October 31 shareholders’ meeting. The notice names Minoru Morinaga as the representative liquidator and instructs anyone with claims against the company to file them within two months of the day following publication. Creditors who miss the deadline will be excluded from the liquidation proceedings.
Once a joint-stock company is dissolved, it enters liquidation to settle its assets, liabilities, and other outstanding matters. The company continues to exist as a legal entity until liquidation is completed and the closure is formally registered. This notice is part of that process and serves to inform creditors that they must submit their claims.
According to a report by Japanese outlet Game*Spark, Nagoshi Studio’s corporate registry still listed the company as active in October, with no dissolution registered at the time.
Meanwhile, all directors, including Toshihiro Nagoshi, left office on March 31, 2026. Minoru Morinaga was reappointed as a director on May 31 and concurrently named representative director, while provisions requiring a board of directors and a corporate auditor were abolished. Morinaga is also named as the representative liquidator in the latest dissolution notice. Nagoshi and other former executives, including producer and director Daisuke Sato, were not reappointed, and the studio ultimately moved toward dissolution.
Nagoshi Studio officially launched its website in January 2022. Established as a game developer fully funded by NetEase Games, the studio said it planned to focus on console development and create high-quality AAA titles for the global market.
At The Game Awards in December 2025, the studio unveiled GANG OF DRAGON, a new action-adventure game starring Ma Dong-seok.
At the time of writing, the Steam store page for GANG OF DRAGON remains accessible, with its release date still listed as “Coming soon.” Unfortunately, the game’s prospects now look bleak, and it may never see release if development is canceled.
via： Gamespark