Nagoshi Studio, founded by Yakuza creator Toshihiro Nagoshi, has officially closed. A notice published on the Japanese government's Kanpo website, reported through a Google translation and cited by Gematsu, confirms the company's dissolution six months after its website disappeared.
Nagoshi established the studio in 2021, following more than 30 years at Sega. Its first announced project was Gang of Dragon, revealed during The Game Awards in 2025 through a short CGI clip featuring actor Ma Dong-Seok.
The project encountered difficulties a few months later when NetEase withdrew its funding for Nagoshi Studio. The decision came amid a broader reduction in the company's support for external studios. According to the available report, Nagoshi Studio was unable to secure another backer, and its website went offline two months later, in May.
Although there had been no official announcement about the studio's future and the game's Steam page remained available, the new government notice appears to end hopes of a last-minute rescue. Gang of Dragon's Steam listing is still online, despite the studio's official closure.
Sources: PC Gamer.