TSM drops FTX logos, halts $210 million sponsorship deal
Quick Take
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As part of the continuing fallout from the collapse of FTX, major esports company TSM opted to terminate its contract with the crypto exchange.
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The once record-breaking 10-year, $210 million sponsorship deal is the latest in a series of sundered partnerships for FTX.
What was at one time the largest deal in the esports industry has been dashed as TSM will pull the plug on a partnership with FTX, the gaming and entertainment platform announced.
The partnership will be suspended “effective immediately,” which means “FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys,” TSM said on Twitter, ending a $210 million deal that required FTX to make $21 million in annual payments over 10 years.
A number of partnerships fell through directly following FTX’s abrupt collapse and subsequent move to file for Chapter 11 bankruptcy protection.
The exchange’s name is set to be removed from the FTX Arena after Miami-Dade county and Miami Heat announced that they would terminate the partnership and secure new naming rights for the sports and entertainment center.
Visa has also opted to cancel a crypto debit card deal with FTX on the heels of an October announcement that the service would launch in over 40 countries.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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