Nagoshi Studio has dissolved after a shareholders’ resolution on October 31, and the notice was published in the Japanese Official Gazette on November 2. The formal close ends the studio’s legal existence about five years after it was established, while Toshihiro Nagoshi’s first independent project still sits in limbo.
The dissolution notice appeared on page 176 of Official Gazette No. 240, with Minoru Morinaga listed as representative liquidator. Nagoshi Studio was established in November 2021 with full funding from NetEase Games, then announced its official launch in January 2022.
Toshihiro Nagoshi after SEGA
Toshihiro Nagoshi had previously led the Like a Dragon series at SEGA before going independent. That background made Nagoshi Studio more than a nameplate: it was the vehicle for a new run of major global console titles, with GANG OF DRAGON positioned as the first test of whether the studio could build a new identity outside SEGA.
GANG OF DRAGON was unveiled at The Game Awards in December 2025 and stars Ma Dong-seok as protagonist Shin Ji-seong. reported last March that NetEase had decided to discontinue financial support for Nagoshi Studio starting in May, and completing GANG OF DRAGON was estimated to require at least 7 billion yen in additional funding.
Steam Keeps GANG OF DRAGON Live
The Steam store page for GANG OF DRAGON remains active, and the release date is still listed as to be announced. No official cancellation has been announced, which leaves the project in a narrower but very real holding pattern: the corporate shell is being wound down, while the game page still points to an unreleased title rather than a finished one.
That split is the practical detail readers should watch. Once a studio dissolves, development can only continue if another backer, publisher, or legal structure takes over the project; without that, the active store page is little more than a storefront stub. Nagoshi’s first independent project now carries the burden of proving it can outlast the company that created it.
Official Gazette No. 240
The Japanese Official Gazette notice on November 2 is the clearest marker that this is not just a business rumor but a formal legal step. For Nagoshi and the team behind GANG OF DRAGON, the next meaningful development is not a marketing beat — it is whether the game finds new financing and a path forward before the paperwork catches up to the remaining production work.
