TSM, the world's most valuable esports outfit, signed a 10-year naming rights deal with FTX through June 2021 for $219 million.
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TSM has decided to sever ties with FTX completely, following the recent scandal. FTX’s long plight is far from over, and the esports organization and former naming partner have had enough.Initially the team wanted to evaluate the situation and see how things develop, but constant pressure and new evidence coming to light forced them to do so. Below is a brief statement that was sent to the media.One of the world’s largest cryptocurrency exchanges, FTX, has filed for Chapter 11 bankruptcy, leading eSports organization Team Solo Mid (TSM) has suspended its $219 million naming rights deal.If You need more information about TSM suspends partnership with FTX then read all article carefully and share with your friends.
FTX’s fall has been swift and dramatic, with effects going beyond esports following last week’s announcement that the exchange had lost liquidity. This means that anyone who was holding cryptocurrency with FTX was unable to sell its coins because the company did not have the cash on hand to distribute to its customers, effectively locking customer accounts until the bankruptcy process was completed through the United States court system.
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TSM, the world’s most valuable esports outfit, signed a 10-year naming rights deal with FTX through June 2021 for $219 million. Upon completion of the deal, TSM was officially known as TSM FTX, with TSM members changing their social media handles to reflect the naming rights deal. In terms of worse timing, recent Twitter verification changes have made it so that not all TSM official accounts and its members can remove the FTX branding at this time.
Within a week of news of FTX’s downfall, TSM released an official statement announcing that the partnership was suspended with immediate effect. While the Twitter handles will keep the FTX branding, all other mentions of FTX will be removed from TSM members, including sponsor logos on player jerseys. TSM claims that the organization will be profitable for the coming year even with the loss of FTX, as its plans including the recent signing of Erobb221 were set earlier this year.Even without losing their biggest sponsor, TSM hasn’t had a great year in their various leagues.TSM’s all girls Valorant team was recently let go after failed to qualify for the Game Changers valorant Championship tournament
The premiere TSM team, and the one that gave the organization its name, had a disappointing season in the League of Legends LCS, finishing 7th out of 10 teams.Fans of TSM, which is one of the most popular esports organizations in the world, are praising the move in a big way. The general belief is that partnering with FTX was a mistake in the beginning because not only was the name “TSM FTX” awkward, but the crypto exchange was incredibly unpopular among e-sports fan groups. Other organizations with FTX sponsorship deals, such as the NBA’s Golden State Warriors and Miami Heat, have yet to comment on the FTX collapse A recent patent from Sony suggests that gaming companies are still considering investing in NFTs and blockchain technology.
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