According to a very trustworthy source.
There are 3 Thai teams in the final stage (Asia Franchise). XERXIA is the least favorite to enter since they are the first to be eliminated from the list.
Edit: But they still get to interview with Riot.
Ok, don't let anyone knows about this. ThisIsTheSource. You only focus on the user named "timematoom" and you can translate by yourself.
Yes, their CEO is rich but more like her family.
Btw, She also actives on IG (https://www.instagram.com/taksaya.t/)
The only way XIA did not make the cut, is the lack of long-term visionary/plans or Financial issue (the parent acquisition dont always meant positive).
While yes, XIA is majority a one-game org but actually has more than that, it doesnt add any value yet (BLEED is excusable while they are one for now, their Financial is probably ahead of every1 in APAC). It's sensible to care that it will be TS, BLEED and a debut org to the game.