{"id":511123,"date":"2022-11-17T04:52:55","date_gmt":"2022-11-17T01:52:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/esports-team-tsm-suspends-210m-sponsorship-deal-with-ftx\/"},"modified":"2022-11-17T04:52:55","modified_gmt":"2022-11-17T01:52:55","slug":"esports-team-tsm-suspends-210m-sponsorship-deal-with-ftx","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/esports-team-tsm-suspends-210m-sponsorship-deal-with-ftx\/","title":{"rendered":"# Esports team TSM suspends $210M sponsorship deal with FTX"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4211c21137a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4211c21137a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/esports-team-tsm-suspends-210m-sponsorship-deal-with-ftx\/#%E2%80%9D_Esports_team_TSM_suspends_210M_sponsorship_deal_with_FTX_%E2%80%9C\" >&#8221; Esports team TSM suspends $210M sponsorship deal with FTX &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Esports_team_TSM_suspends_210M_sponsorship_deal_with_FTX_%E2%80%9C\"><\/span>&#8221; Esports team TSM suspends $210M sponsorship deal with FTX &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNzg1ZDAzZjgtOGQ4OC00ZDdmLTgxMDYtMGJlNGExODk5ZGY4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX\u00a0crypto exchange \u201ceffective im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely\u201d following the cryptocurrency trading platform\u2019s shock collapse last week.<\/p>\n<p>The United-States-based esports organization made the announcement in a Nov. 16 tweet to its 2.2 million followers, adding that the decision was made after \u201cmonitoring the evolving situation and discussing internally.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We&#8217;ve suspended our partnership with FTX effective immediately. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/u8vQSWnAbX\">pic.twitter.com\/u8vQSWnAbX<\/a><\/p>\n<p>\u2014 TSM (@TSM) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TSM\/status\/1592895131514200064?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The $210 million deal was put to paper in Jun. 2021, which resulted in the renaming of TSM to TSM FTX. At the time of the deal, the esports organization said it would allocate its new resources to all corners of the globe by opening offices in Asia, Europe and South America, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/esportsinsider.com\/2021\/06\/tsm-secures-210m-naming-rights-deal-with-ftx'\">according<\/a> to Esports insider.<\/p>\n<p>TSM also purchased $1 million worth of FTX\u2019s native token, FTT, which was distributed to players and employees.\u00a0<\/p>\n<p>Following FTX&#8217;s collapse last week, TSM in a Nov. 13 tweet said the firm was discussing its legal counsel \u201cto decide the best next steps to protect our team, staff, fans and players.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">TSM Statement on FTX <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/nbiCCnciNF\">pic.twitter.com\/nbiCCnciNF<\/a><\/p>\n<p>\u2014 TSM (@TSM) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TSM\/status\/1591619863394816000?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In its most recent announcement, TSM said its partnership suspension with FTX means that FTX branding would be scraped off TSM\u2019s official name, team and player social media profiles and jerseys, stating: <\/p>\n<blockquote><p>\u201cThis means that FTX branding will no longer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear on any of our org, team and player social media profiles, and will also be removed from our player jerseys.\u201d<\/p><\/blockquote>\n<p>TSM also took the opportunity to confirm with its stakeholders that its balance sheet remains intact and would be so for the foreseeable future without FTX\u2019s support:<\/p>\n<blockquote><p>\u201cTSM is a strong, profitable and stable organization. We forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM\u2019s operating plan, which was set earlier this year.\u201d<\/p><\/blockquote>\n<p>TSM is most well known for its participation in League of Legends, one of the largest multiplayer online battle arena video <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s that is played competitively.\u00a0TSM also fields players in the online games Dota 2, Apex Legends and Valorant.<\/p>\n<p>TSM isn\u2019t the only company to have struck off a massive sponsorship agreement with FTX following its collapse. <\/p>\n<p>The NBA\u2019s Miami Heat took things one step further than TSM in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/miamiheat\/status\/1591219414225293312?s=46&amp;t=42b3Yr2NV6CT1SDVmZPpQg\">announcing<\/a> to terminate its business relationship with FTX in a Nov. 12 Twitter post:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Miami-Dade County and the Miami HEAT have released the following statement <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ERZo1IsZ2o\">pic.twitter.com\/ERZo1IsZ2o<\/a><\/p>\n<p>\u2014 Miami HEAT (@MiamiHEAT) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MiamiHEAT\/status\/1591219414225293312?ref_src=twsrc%5Etfw\">November 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Miami Heat added that they\u2019re looking to find a new naming rights partner for the arena, which was officially renamed to FTX Arena in Mar. 2021 following a 19 year sponsorship agreement worth $135 million. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX collapse: The crypto industry\u2019s Lehman Brothers moment<\/em><\/strong><\/p>\n<p>The Mercedes Formula 1 team was another sports team to suspend its sponsorship with Sam Bankman-Fried\u2019s fallen empire, which was announced shortly after FTX filed for bankruptcy on Nov. 14.<\/p>\n<p>Grand Prix 247 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.grandprix247.com\/2022\/11\/14\/wolff-utter-disbelief-at-what-has-happened-with-ftx\/\">reported<\/a> that in a recent video call, the CEO of Mercedes\u2019 Formula 1 team Toto Wolff stated that while he still believes in the long-term prospects of blockchain and cryptocurrency, FTX\u2019s collapse provided a textbook example of the many vulnerabilities still present in the industry:<\/p>\n<blockquote><p>\u201cThis situation is very unfortunate. We considered FTX because they were one of the most credible and solid, financially sound partners that were out there.\u201d<\/p><\/blockquote>\n<p>\u201cOut of nowhere we can see that a crypto company can basically be on its knees and gone one week. That shows how vulnerable the sector still is,\u201d the executive added. <\/p>\n<p>But not every sports organization with a business affiliation to FTX has pulled the pin yet.<\/p>\n<p>The Major League Baseball (MLB) is currently in discussing with its legal counsel about what the best course of action is, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sporttechie.com\/mlb-ftx-cryptocurrency-sports-partnerships-legal-counsel-bankruptcy\">according<\/a> to SportTechie. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/esports-team-tsm-suspends-210m-sponsorship-deal-with-ftx\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Esports team TSM suspends $210M sponsorship deal with FTX &#8220; Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX\u00a0crypto exchange \u201ceffective immediately\u201d following the cryptocurrency trading platform\u2019s shock collapse last week. The United-States-based esports organization made the announcement in a Nov. 16 tweet&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNzg1ZDAzZjgtOGQ4OC00ZDdmLTgxMDYtMGJlNGExODk5ZGY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,135234,127241,75385,74355,117,10751,67840],"class_list":["post-511123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-ftx","tag-ftx-token","tag-sport","tag-adoption","tag-business","tag-gaming","tag-sponsored"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511123"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511124"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}