Nagoshi Studio, the Japanese game developer founded by Yakuza creator Toshihiro Nagoshi, has officially dissolved following a shareholders’ resolution on October 31, 2026. The closure was confirmed through a dissolution notice published in Japan’s official government gazette, Kanpo, on November 2, leaving the future of the studio’s unreleased action-adventure game, Gang of Dragon, uncertain.
The notice appears in the November 2 edition of Kanpo, Extra Edition No. 240, on page 176. It confirms that Nagoshi Studio was dissolved by a resolution adopted at a shareholders’ meeting on October 31. Minoru Morinaga is identified as the company’s representative liquidator.
Under the notice, creditors have two months from the day following publication to submit claims as part of the liquidation process. The filing establishes that the company has entered dissolution proceedings, although it does not disclose the reasons behind the decision or provide information about its outstanding game projects.
Nagoshi Studio was established under NetEase Games in November 2021 following Toshihiro Nagoshi’s departure from SEGA and Ryu Ga Gotoku Studio. Nagoshi was best known for his work on the Yakuza franchise, now internationally marketed as Like a Dragon.
The developer spent several years working on its debut project before officially revealing Gang of Dragon at The Game Awards in December 2025.
Set in Tokyo’s Kabukicho entertainment district, Gang of Dragon was announced as a third-person action-adventure game starring South Korean actor Ma Dong-seok, also known as Don Lee. He portrays Shin Ji-seong, a senior member of a Korean crime syndicate who becomes involved in conflicts within the city’s criminal underworld.
The game was designed around close-quarters combat, sword fighting, firearms and vehicle-based action. Nagoshi was responsible for the project’s story and overall direction, with the developer positioning it as a character-driven crime drama.
Gang of Dragon was officially announced for PC through Steam. Additional console versions had not been formally confirmed.
The studio’s financial difficulties became public in March 2026, when Bloomberg reported that NetEase Games intended to discontinue funding for Nagoshi Studio in May.
According to Bloomberg’s original reporting, employees were informed of the decision on March 6. The publisher had reportedly determined that completing Gang of Dragon would require at least another 7 billion yen, equivalent to approximately $44.4 million at the time.
A NetEase spokesperson confirmed the planned funding withdrawal to Bloomberg, while sources familiar with the situation indicated that Nagoshi was seeking alternative financial backing.
The studio was reportedly offered the possibility of becoming independent, although retaining its existing game assets and intellectual property would require negotiating and paying the associated costs.
The October 31 dissolution confirms that Nagoshi Studio will not continue operating in its existing corporate form. However, the government notice does not establish whether negotiations over Gang of Dragon’s assets were completed or whether another company could eventually continue development.
Importantly, there has been no independently confirmed announcement formally cancelling Gang of Dragon.
The game’s Steam listing remains available, with its release date still shown as coming soon. Its continued presence on Steam does not establish that active development is ongoing, but the dissolution filing itself does not confirm that the project has been permanently abandoned.
As of November 2, neither NetEase Games nor Toshihiro Nagoshi has publicly detailed the game’s future following the dissolution.
The closure ends Nagoshi Studio’s development operations before the company could release its first announced game, less than a year after Gang of Dragon made its public debut at The Game Awards 2025. Whether the project can survive under different ownership or development arrangements remains unresolved.
