The dilemma of sports contracts with FTX
The theme of the month is the abrupt fall of the FTX exchange, which would decline after several sports companies canceled their relationships.
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The fall of FTX when it was known that this exchange has no funds, has shocked the crypto world, starting with the fall of BTC, Binance did not finish acquiring it when learning about the problems of this platform and in the sport, it will have more considerable casualties, during the imminent bankruptcy of this company.
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Some of those leagues, teams, and even athletes that were linked to FTX until the collapse of November 9 are the following:
AMG-Mercedes
The Formula 1 team where Lewis Hamilton and George Russell run, had signed a long-standing bond with the German team since 2021. But that ended, by removing its sponsorship during the 2022 Brazilian GP after the scandal formed.
MLB
The most powerful league in world baseball made history in the 2022 season for the first time by wearing sponsorships on uniforms, on the refereeing staff with this exchange, and completed the entire season with them. Surely in 2023, we will not see them again.
Miami Heat
The Florida team signed a long-term contract to change the name of the stadium, previously called American Airlines Arena, to FTX Arena. With the bankruptcy case, they have automatically removed their name from the stadium, then we will know what their new name will be.
Tom Brady
The Tampa Bay Buccaneers QB, one of the greatest in NFL history, was one of the brand's main images. With the fall, as is typical, criticism of his name falls on social networks, when it has nothing to do with it.
Naomi Osaka
The Japanese tennis player even had the bad luck of signing a recent agreement with FTX to further promote her image in the social sphere, this clearly will not happen.
Golden State Warriors and Washington Wizards
These two NBA teams also had a contract with the exchange, although to a lesser extent than the Miami Heat, they also immediately suspended their relationship.
Washington Capitals
The NHL hockey team from the US capital also had a stable contract with the company. Interestingly, the company had a relationship with 4 professional teams from this city.
Washington Mystics
In the same case with the Wizards, Capitals and other professional teams in the USA, the WNBA team, and had agreed to their sponsorship with FTX.
Most have canceled their relationship, and some are in the process, but it is already a fact that FTX's separation from the financial, sports and the general world will continue to last.
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