June 18, 2024

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The Sports Fanatics

The world’s biggest esports company is ‘consulting legal counsel’ over FTX bankruptcy

Team SoloMid, one of the most successful esports organizations in operation, is better known as TSM. But it’s officially known as TSM FTX, thanks to a $210 million naming rights deal signed in 2021 with massive cryptocurrency exchange FTX—and yes, that’s the same FTX that collapsed into bankruptcy (opens in new tab) last week.

The terms of FTX’s sponsorship deal called for it to pay $21 million per year to TSM for 10 years, according to a New York Times (opens in new tab) report, a major deal on par with stadium sponsorships in conventional sports. “Taking a huge industry and then reimagining it in a digital age: that’s sort of what esports are to sports, and it’s sort of what crypto is to investing and to finance,” former FTX CEO Sam Bankman-Fried said at the time.