Cal Athletics is the latest organization to sever its relationship with FTX, which filed for bankruptcy on Friday.
FTX was previously the naming rights partner for Berkeley’s football field at California Memorial Stadium. On Wednesday, however, the school suspended the 10-year, $17.5 million partnership paid in cryptocurrency, the school confirmed to Front Office Sports.
The decision is a departure from Cal’s position just a few days ago, when it said in a statement to Front Office Sports that it was “monitoring” the situation and would “determine any next steps if they become warranted.”
In that Friday statement, the school called FTX “a great partner.”
Berkeley isn’t the only team caught up in FTX’s demise. The Miami Heat severed their $19-year, $135 million deal with the company as well. An esports company called Team SoloMid did the same — ending a 10-year, $210 million deal that was billed as the biggest esports sponsorship in history.
FTX’s woes don’t stop there, however. On Wednesday morning, a group of investors filed an $11 billion lawsuit against FTX’s founder and partners including Tom Brady.
