Here are the sports marketing offerings that are crumbling along with FTX

In short

  • Following FTX’s bankruptcy filing, many of the sports teams and leagues it sponsored are putting their deals on hold.
  • FTX signed a variety of sports marketing deals in 2021 and 2022, agreeing to pay at least $375 million to various partners.

Once strapped for cash, FTX racked up major sports marketing deals in 2021 and early 2022, pledging at least $375 million in disclosed funds to teams and leagues along the way. Now those sponsorships are falling apart, one by one, from FTX filed for bankruptcy last week amidst a liquidity crisis.

Some of FTX’s major sports and esports partners have already suspended their deals due to the public collapse of the exchange, while others are still trying to free themselves from their long-term and often valuable alliances. Here’s an up-to-date list of FTX’s sports partners and how they’re coping with the exchange’s downfall. Decrypt will continue to update this list.

Mercedes-AMG Petronas: The Formula 1 (F1) racing team announced on November 11 that it had done so suspended its FTX sponsorship and removed the swap branding from his car. The companies had agreed to a long-term deal in September 2021 but never disclosed terms. FTX and Mercedes launched earlier F1 themed NFTssome of which collectors are now unable to withdraw from the FTX platform between failure.

Miami Heat: Although at the moment it is still called FTX Arena, the Miami Heat of the NBA he tweeted a statement on Nov. 11 stating that the team and Miami-Dade County are “immediately taking steps to terminate our business relationship with FTX” and will be seeking a new naming rights partner. FTX had blocked the rights in a massive 19-year, $135 million deal announced in April 2021.

Fury: Brazilian esports team Furia said it would be “ending” its sponsorship of FTX on Nov. 11, as shared in a tweeted statement by co-owner and poker pro AndrĂ© Akkari. Furia’s one-year deal with the exchange was relatively small, valued at $3.2 million when announced in April 2022. Akkari said the team would always prioritize fans over its brand partners and withdrew from the deal due to concerns that FTX would “harm” users.

Golden State Warriors: The NBA’s Warriors made their move on Nov. 14, revealing that the team would stop promoting or advertising the trade, according to a report by ESPN. The multi-year agreement, announced in December 2021it was reportedly worth at least $10 million, though official terms were never revealed.

SoloMid team: Esports club Team SoloMid (TSM) signed FTX’s largest disclosed deal in June 2021 in a whopping $210 million over 10 years. Dubbed TSM FTX, the team announced on Nov. 16 that it had done so he suspended his deal with the company and will remove FTX branding from its jerseys, social media and more. The esports industry is heavily dependent on sponsorship fundsbut 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 cryptocurrencies. But on Nov. 17, the school’s athletic department confirmed CoinDesk which suspended the deal. The logo was already erased from the field, like suggested social media videos days before.

Major League Baseball: FTP extension five-year contract to put a logo patch on league referee uniforms remains intact, as of this writing, although the league commissioner has now commented on the matter. Rob Manfredi said November 17th that it was “probably a good bet” that the FTX patch would be removed for the 2023 season. While he didn’t comment on the terms of the deal, he said it was a “significant deal” for the league.

Riot Games: The studio behind the hit game League of Legends, a favorite of FTX founder and former CEO Sam Bankman-Fried,signed a seven-year contract in August 2021 to have the company sponsor its eSports League of Legends Championship Series (LCS) competition. Riot Games has not yet commented on the status of the deal and has not responded immediately Decryptrequest for comment.

Washington Wizards/Capitals: In December 2021, FTX revealed a wide-ranging agreement with Washington-based Monumental Sports and Entertainment teams, including the NBA’s Wizards, NHL’s Capitals, and WNBA’s Mystics. The alliance was touted as a move to bring the exchange closer to the political heartland of the United States. Monumental has yet to deal with the collapse of FTX, however, and hasn’t responded immediately Decryptrequest for comment.

Athletes: FTX has also signed a number of notable athletes to its roster including Tom Brady, Stephen Curry, Naomi OsakaAnd Shohei Ohtani. All four of these stars were given equity when they agreed to endorse FTX, though it’s unclear if every deal from this athlete was the same. No one has commented on the collapse of FTX, as of this writing, although all four have since named in a class action lawsuit to promote exchange

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