Following FTX’s bankruptcy filing, many of the sponsored sports teams and leagues are suspending operations.
FTX has signed a variety of sports marketing deals throughout 2021 and 2022 and has agreed to pay at least $375 million to various partners.
Once solvent, FTX secured and committed to prominent sports marketing deals in 2021 and early 2022 at least $375 million in disclosed funds to teams and leagues along the way. Now, since FTX, those sponsorships are falling apart one by one filed for bankruptcy last week amidst a liquidity crisis.
Some of FTX’s key esports and esports partners have already suspended operations amid the stock market’s very public collapse, while others are reportedly still working out how to break free from their long-term, often valuable, alliances. Here’s a running list of FTX’s esports partners and how they’re navigating the stock market’s decline. decrypt will continue to update this list.
Mercedes AMG Petronas: This was announced by the Formula 1 racing team (F1) on November 11th has suspended its FTX sponsorship and removed the Exchange’s branding from his car. The companies had agreed on a long-term deal in September 2021 but never disclosed the terms. FTX and Mercedes launched previously F1 themed NFTssome of those Collectors can no longer withdraw from the FTX platform amid bankruptcy.
Strong heat: Although currently called the FTX Arena, the Miami Heat is the NBA tweeted a statement on November 11 that the team and Miami-Dade County will “take immediate action to terminate our relationship with FTX” and seek a new naming rights partner. FTX had the rights blocked in a massive 19-year, $135 million deal announced in April 2021.
Fury: Brazilian esports team Furia said it will “retire” its FTX sponsorship on November 11, it was announced tweeted a statement by co-owner and poker pro André Akkari. Furia’s one-year deal with the exchange was relatively small, worth $3.2 million at the April 2022 announcement. Akkari said the team will always prioritize fans over its brand partners, and went out of business over concerns about FTX users.
Warriors of the Golden State: The NBA’s Warriors made their move on Nov. 14, revealing that the team would stop promoting or promoting the exchange, according to a report by ESPN. the multi-year contract, Announced December 2021was reportedly worth at least $10 million, although official terms were never disclosed.
Team SoloMid: Esports club Team SoloMid (TSM) has signed FTX’s largest-ever-announced deal in June 2021 a whopping $210 million over 10 years. Dubbed TSM FTX, the team announced on November 16 that they had done so suspended his contract with the company and will remove FTX branding from its jerseys, social media and more. The esports industry is heavily dependent on sponsorshipbut TSM said it expects to remain profitable going forward.
UC Berkeley: The University of California Berkeley signed a 10-year naming rights deal with FTX for its stadium in August 2021, with the firm agreeing to pay $17.5 million — all in crypto. But on November 17, the school’s physical education department confirmed this CoinDesk that it suspended the deal. The logo had already been wiped off the field since Social media videos suggested days before.
Major League Baseball: FTX five-year contract Placing a logo patch on league referee uniforms remains intact as of this writing, although the league’s commissioner has now commented on the matter. Rob Manfred said on 11/17 that it was “probably a pretty good bet” that the FTX patch would be removed for the 2023 season. Though he didn’t comment on the terms of the agreement, he said it was “a significant deal” for the league.
Riot Games: The studio behind the popular game League of Legends – a favorite of FTX founder and ex-CEO Sam Bankman-Fried –signed a seven-year contract in August 2021 to enlist the Company as a sponsor for its League of Legends Championship Series (LCS) esports competition. Riot Games has not yet commented on the status of the deal and has not responded immediately decrypt‘s request for comment.
Washington Wizards/Capitals: In December 2021, FTX unveiled a far-reaching deal with Washington-based teams from Monumental Sports and Entertainment, including the NBA’s Wizards, NHL’s Capitals and WNBA’s Mystics. The alliance was billed as a step to bring the exchange closer to the political heart of the United States. However, Monumental has yet to deal with the collapse of FTX and has not acted on it immediately decrypt‘s request for comment.
athletes: FTX has also added a number of key athletes to its roster including Tom Brady, Stephen Curry, Naomi Osakaand Shhei Ohtani. All four of those stars received equity when they agreed to endorse FTX, although it’s unclear if each of those athlete deals were equal. As of this writing, no one has commented on FTX’s collapse, although all four have since named in a class action lawsuit to promote exchange.
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