Sports teams from Mercedes F1 to Miami Heat drop FTX sponsorship.

A series of sports organizations are pulling out of sponsorship deals with cryptocurrency exchange FTX. The coin exchange platform promised millions of dollars to build brand awareness among sports fans before going bankrupt. The FTX sign is being demolished as the Miami Heat seek new partners for their arena naming rights. The Miami Heat and Miami-Dade County announced plans to divest one of FTX’s most expensive sponsorship deals, end a deal with the bankrupt cryptocurrency exchange, and seek a new partner for the naming rights to the basketball team’s arena. A 19-year, $135 million contract to rename the sports arena to FTX Arena was signed in June of last year. News of the Miami Heat withdrawing from their contract came after FTX filed for Chapter 11 bankruptcy protection in the US and announced the resignation of CEO Sam Bankman-Fried. From my condo in Miami, it looks like the sign for the FTX Arena is being demolished! — Shiv (@shiv2268) A photo posted on Twitter on Saturday, November 11, 2022 appears to show workers dismantling an FTX sign already on the roof of the building. Over the past two years, the FTX brand, like others in the industry, has invested in several sponsorships related to various sports. Additionally, shortly after signing a stadium naming deal for the Miami Heat last summer, FTX became the official cryptocurrency exchange for Major League Baseball (MLB), and the FTX.US logo appeared on referee uniforms at the MLB All-Star Game in July. Mercedes will remove the FTX logo from its F1 vehicles after suspending sponsorship deals. In September 2021, FTX took another big step into the sports arena by signing a long-term sponsorship deal with Formula 1 team Mercedes-AMG. This contract, which was meant to span several racing seasons, was also terminated as the bankruptcy saga unfolded. Mercedes cars in the F1 Championship will no longer sport the logo of a cryptocurrency derivatives exchange after the F1 team announced that it would end the partnership and not promote the cryptocurrency-branded currency at the next Brazilian Grand Prix. A Mercedes spokesperson told media outlet Racefans: As a first step, we terminated our partnership agreement with FTX. This means your business will no longer appear on race cars and other branded properties. The statement follows previous reports that the team was assessing the situation while retaining the brand. The FTX logo was printed on several parts of the W13 car, and during the Miami Grand Prix, Mercedes promoted the launch of the NFT collection with FTX. Priority fans! Read: — andre akkari (@aakkari) November 11, 2022 FTX also expanded its esports space last year through a naming deal with American giant TSM Esports and sponsorship of the League of Legends Championship Series. entered into. . Another partner in the industry, Brazilian esports organization Furia, tweeted on Friday that it was ending a one-year contract with FTX signed in April of this year.

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