Golden State Warriors Become The Latest Sports Franchise Terminating The Deal with FTX
Golden State Warriors Become The Latest Sports Franchise Terminating The Deal with FTX.
After signing a sponsorship agreement with the exchange in December 2021, the Golden State Warriors will halt all FTX-related promotions.
Following Miami Heat and Mercedes F1
Prior to the NBA team, both Miami Heat and Mercedes F1 have cut ties with the FTX brand.
It has been announced that Miami-Dade County and the Miami Heat are terminating their arena naming rights deal with FTX, a bankrupt cryptocurrency company.
In 2021, the county, which owns the arena, signed an agreement worth $135 million to name the bayfront Heat homecourt.
“The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena,” said the county and team.
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Meanwhile, FTX also signed a long-term sponsorship agreement with Mercedes-AMG Petronas Formula One Team in September, 2021.
The deal, which covered multiple races seasons, was also terminated as a result of the bankruptcy proceedings.
Following an end to the partnership and announcing it would not promote crypto brands during the Brazilian Grand Prix, Mercedes cars won’t carry the logo of the crypto derivatives exchange.
“As a first step, we have suspended our partnership agreement with FTX. This means the company will no longer appear on our race car and other branded assets from this weekend (Brazilian GP 2022),” said the spokesperson for Mercedes.
Co-owner of Brazilian Esports organization, Furia, Andre Akkari also tweeted that, the team is going to stop with their deal with FTX.
Priorizando nossos fãs!
Read: https://t.co/Rk4GZ0ecPm
— andre akkari (@aakkari) November 11, 2022
Sports that hasn’t cut ties yet with FTX
However, there are still sports that have not cut ties with FTX despite an increasing number of sport franchises cutting ties with the company.
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For example, Team North American esports organization Team SoloMid (TSM) has not yet amended its branding or issued an official statement.
The team is still called “TSM FTX” as a result of the 10-year $210 million naming rights deal announced on June 4, 2021.
TSM Statement on FTX pic.twitter.com/nbiCCnciNF
— TSM FTX (@TSM) November 13, 2022
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