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TSM suspends $210 million deal with FTX

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The TSM eSports team has terminated its $210 million sponsorship deal with the FTX exchange.. This is the largest sponsorship deal in eSports history.

Last Nov. 16, the eSports grouping TSM officially suspended its agreement with exchange company FTX.. In June 2021, the grouping and exchange signed what has so far been the largest sponsorship deal in eSports history, for a total amount of $210 million. According to reports, the agreement was concluded for the duration of 5 years Until 2026, but it has already been closed.

Through a release, TSM has cut ties with FTX, indefinitely suspending its sponsorship agreement. The news follows the discovery last week of a serious liquidity problem in the exchange’s accounts and treasury. The circumstance escalated into the discovery of a 9 billion dollar deficitThis situation is unaffordable and has led to the declaration of a bankruptcy to the platform.

TSM management made the decision to cut ties after monitoring FTX’s development after last week’s events. Suspending the contract indefinitely, the FTX brand will not appear on any of the organization’s, team’s, or players’ social media profiles, as well as disappear from the “merchandising“like kits or sweatshirts.

TSM took issue with removing FTX’s name from its Twitter profile, citing new verification rules established by Blue Twitter. These rules would come into effect after Elon Musk to purchase the platform outright. The regrouping took a couple of hours and the team profile name reverted to its original name. original TSM.

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FTX lost many sponsorship contracts after filing for bankruptcy. The Miami Heat, an NBA team, canceled their agreement $135 million sponsorship deal with exchangewhich granted naming rights to the facility where the team plays its games.

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Although most companies, corporations, and associations that have agreements with FTX are trying to cancel them, many are still in place. One of the most visible is FTX’s agreement with Major League Baseball (MLB), under which league umpires wear the FTX logo on their equipment.

Continue reading the New NFT collection to be launched by Cristiano Ronaldo in collaboration with Binancemay be of interest to you.

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