A lot of Japanese Valorant fans also were surprised that time. Until now, we don't really know what was the reason behind the rejection. According to Ojiji (CR's owner) on his tweet, he said:
I mention this because there have been so many inquiries. Rion's and my past misconduct has nothing to do with this rejection. It is not about finances, organization, or 'cleanliness'. We were confident that we had met all the requirements. I can't go into detail about the reasons why we were not selected, but it is true that the reasons were unimaginable to us, and it was difficult to accept. After discussing with the players about the future of the Valorant division, we decided to disband or continue the division. We will consider whether to dissolve or continue the Valorant division. I am very sorry to all of you who have always supported us and believed in our entry into the league.
Thank God they didn't disband the Valorant division because the rest of the members are comfortable in the team as well. And people are also assuming like what you said.