So one owner owns three teams (SHRC, Gamtee, and King). Each team has their own "owner", but the fact is they all report to the same person, kind of how EG and Alliance operated. Gamtee kept their spot due to winning their relegation, King has circuit points due to getting into playoffs.
The owner thought the current roster of SHRC would be much better off in Worlds and regular season (SHRC's standings did not reflect their true strength due to lack of Namei for a considerable amount of the season), but they were being relegated. To avoid relegations, the owner decided to swap the rosters of King and SHRC, so the old SHRC lineup would receive the circuit points for the next split. Now here's where the tricky shit begins:
VG's owner is also the owner of VG potential (now called Unlimited Potential). Since you can't have 2 teams in the league, VGP was forced to rebrand as UP. Now because of technical reasons, VGP can't just rebrand and get in since they technically didn't qualify through relegation (beaten by M3 I think). So the Owner of King, SHRC, and Gamtee decided to drop Gamtee (but still keep the roster), and sell their spot to UP. Now UP is in LPL, and Gamtee was disbanded to combine with the old King roster to form RNG.
SHRC (With 2 Korean subs and 3 members of old King+Gamtee), is now forced to play in LSPL instead of Namei, Insec and co. They are actually doing really well in LSPL right now, only dropping 1 set, and are set to auto qualify for LPL. Funny thing is, Namei and co. are sitting last place in standings, and look like they are going to be relegated again (This time it was Insec who was missing for most of the season). So we may see another swap where Namei, Insec, Zero, Corn rejoin as SHRC again.
There was quite the number of loop holes that the owner had to jump through to accomplish this, but the fact was none of it was technically against the rules, the owner was just in control of 3 teams.
TLDR: Owner owns 3 teams, SHRC, Gamtee, King. SHRC relegated, Owner felt SHRC was better than King, so King and SHRC swapped whole rosters. UP didn't qualify for LPL, but had money to buy a spot. Owner disbanded Gamtee to sell spot to UP. Gamtee and old King merge to form RNG. Leftovers are sent to SHRC in LSPL.