TSM, Esports team has suspended the deal with FTX worth $210M
According to the 2.2 million followers of the United States-based esports company, Monitoring the situation and conducting internal discussions led to this decision.
We’ve suspended our partnership with FTX effective immediately. pic.twitter.com/u8vQSWnAbX
— TSM (@TSM) November 16, 2022
June was the date on which the $210 million deal was signed. The TSM FTX was renamed in 2021 to reflect the increased resources the organization would have available globally. According to Esports Insider, it plans to open offices in Asia, Europe, and South America in order to do this.
Also, FTX’s native token, FTT, has been purchased by TSM for $1 million.
According to a tweet from TSM on Nov. 13, following the collapse of FTX last week, the firm is discussing with its legal counsel how to protect its staff, fans, players, and team.
In addition, TSM assured stakeholders that its balance sheet would remain intact without FTX’s help for a long time to come.
TSM Statement on FTX pic.twitter.com/nbiCCnciNF
— TSM (@TSM) November 13, 2022
One of the most giant online battle arena video games played competitively, League of Legends, is the most well-known game entered by TSM. Dota 2, Apex Legends, and Valorant are online games TSM players play.
Also Read: FTX hacker holds the 35th largest amount of Ethereum
The collapse of FTX has affected not only TSM but many other companies.
The NBA’s Miami Heat terminated TSM’s business relationship with FTX in an announcement on Nov. 12:
Miami-Dade County and the Miami HEAT have released the following statement pic.twitter.com/ERZo1IsZ2o
— Miami HEAT (@MiamiHEAT) November 12, 2022
After a 19-year sponsorship agreement worth $135 million, the Miami Heat will rename the FTX Arena in March 2021.
It was also announced shortly after the bankruptcy filing of FTX on Nov. 14 that the Mercedes Formula 1 team would cease sponsorship of the fallen empire owned by Sam Bankman-Fried.
I am very sorry to hear about this situation. We considered FTX because it had a proven track record of reliability, financial stability, and solidity.
“Crypto companies can disappear one week out of nowhere.
According to the executive, this shows that the sector is still vulnerable.”
The pin has yet to be pulled by every sports organization affiliated with FTX.
In a report by SportTechie, Major League Baseball (MLB) is discussing its legal options with its lawyers.
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