Nagoshi Studio dissolves, leaving Gang of Dragon’s future uncertain
Nagoshi Studio, founded by Like a Dragon creator Toshihiro Nagoshi, was dissolved by a shareholders’ resolution on October 31, according to a notice in Japan’s Official Gazette. NetEase had reportedly withdrawn funding after the game needed at least ¥7 billion (€41 million; $44.4 million) more to finish, and Gang of Dragon has no confirmed new backer or release plan.
Bottom line — Gang of Dragon remains listed on Steam, but no successor studio or cancellation has been announced.
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The Official Gazette notice, published on November 2, names Minoru Morinaga as representative liquidator, according to InvenGlobal.
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Bloomberg reported that NetEase was willing to let the studio continue independently, but it would have to pay to retain the game’s assets and intellectual property.
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Nagoshi Studio unveiled the action-adventure game at The Game Awards in December 2025.
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The game stars Ma Dong-seok as Shin Ji-seong and is set in Tokyo’s Kabukicho district.
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Automaton West reported that the studio’s website went offline in May and several development staff left in the following months.
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Dissolution begins liquidation proceedings; it does not itself mean the company is bankrupt, InvenGlobal notes.