the summary
- After FTX filed for bankruptcy, many of the company-sponsored sports teams and leagues went out of business.
- FTX has signed a variety of sports marketing deals in 2021 and 2022, and has agreed to pay a minimum of $375 million to various partners.
Once the money was flowing in, FTX received notable sports marketing bids in 2021 and early 2022, committing to At least $375 million in disclosed funds To the teams and leagues along the way. Now this sponsorship is going down, one by one, since FTX He filed for bankruptcy last week In the midst of a liquidity crisis.
Some of FTX’s major sports and esports partners have already closed deals amid the general stock market crash, while others are said to be still working out how to part ways with their longstanding and often valuable alliances. Here is a running list of FTX Sports Partners and how they are coping with the stock market crash. Decrypt This list will continue to be updated.
Mercedes-AMG Petronas: The Formula One (F1) racing team announced on November 11 that it had done so canceled its sponsorship of FTX And he removed the stock brand from his car. The two companies had agreed a long-term deal in September 2021, but did not disclose the terms. FTX and Mercedes were launched earlier F1 is themed NFTsome of Collectors are now unable to opt out of the FTX platform in the midst of bankruptcy.
Miami Heat: Although it is still called FTX Arena currently, the Miami Heat is from the NBA tweeted a statement On November 11, he said the team and Miami-Dade County were “immediately taking steps to terminate our business relationship with FTX” and would seek a new naming rights partner. was ftx Rights insured In a massive 19-year, $135 million deal announced in April 2021.
fury: Brazilian esports team Furia said it will “discontinue” its sponsorship of FTX on November 11, as shared in tweeted a statement By co-owner and poker pro André Akkari. Furia’s one-year agreement with the exchange was relatively small, worth $3.2 million when it was announced in April 2022. Akkari said the team would always prioritize fans over its brand partners and pulled out of the deal over concerns that FTX might “harm” users.
Golden State Warriors: The NBA’s Warriors made their move on November 14, revealing that the team will stop marketing or promoting the merchandise, according to a report from ESPN. multiyear agreement, Announced in December 2021She was reportedly worth at least $10 million, though official terms were not disclosed.
SoloMid Team: Team SoloMid (TSM) esports club has entered into the largest deal revealed to FTX in June 2021. $210 million over 10 years. The team, called TSM FTX, announced on November 16 that it had done so Termination of the contract with the company And you’ll remove the FTX branding from their T-shirts, social media, and more. e-sports industry Highly dependent on sponsorship fundsBut TSM said it expects it to remain profitable in the future.
University of California, Berkeley: University of California, Berkeley Signing a 10-year naming rights agreement With FTX for its stadium in August 2021, with the company agreeing to pay $17.5 million – all in cryptocurrency. But on November 17, the school’s athletics department confirmed CoinDesk He canceled the deal. The emblem has already been cleared from the field, which Suggested videos on social media days in advance.
Major League Baseball: FTX Five-year agreement The placement of the patch logo on the league’s umpires’ uniforms remains intact, as of this writing, though the league’s commissioner has now commented on it. Rob Manfred he said on November 17 that it’s “likely a good bet” that the FTX patch will be removed for the 2023 season. While he wouldn’t comment on the terms of the deal, he said it was a “meaningful deal” for the league.
Riot Games: The studio behind the popular game League of Legends – a favorite of FTX founder and former CEO Sam Bankman-Fried –I signed a seven-year contract in August 2021 to allow the company to sponsor the League of Legends Championship Series (LCS) esports competition. Riot Games has yet to comment on the status of the deal and did not immediately respond DecryptComment request.
Washington Wizards / Capitals: In December 2021, FTX She revealed an extensive affair with Washington-based Monumental Sports and Entertainment teams including the NBA’s Wizards, NHL’s Capitals, and WNBA’s Mystics. The alliance was seen as a move to bring the exchange closer to the political heart of the United States. However, Monumental has not yet addressed the FTX crash and did not respond immediately DecryptComment request.
athletes: FTX has also signed a number of big name athletes to their roster including Tom BradyAnd the Steve CurryAnd the Naomi OsakaAnd the Shuhei Ohtani. These four stars got royalties when they agreed to support FTX, though it’s unclear if every sports deal is the same. No one has commented on the FTX crash as of this writing, though all four have since done so His name is in a class action to promote exchange.