FTX was mum about the potential impact of its high-profile sports deals after Tuesday’s announcement that the crypto exchange would be acquired by rival Binance Holdings.
FTX CEO Sam Bankman-Fried disclosed the Binance acquisition amid fears a run on FTX could have threatened the exchange’s solvency.
Bankman-Fried wrote on Twitter that “all assets will be covered,” but an FTX spokesperson declined comment when Front Office Sports asked about what the deal means to its sports partnerships.
FTX, like competitor Crypto.com, made a major push into sports over the last couple of years.
- FTX entered into a 19-year, $135 million deal for the naming rights for Miami Heat’s home arena last year. A spokesperson for the Heat declined comment on Tuesday.
- It secured a 10-year, $17.5 million deal to become the naming rights sponsor for UC Berkeley’s football field in August 2021.
- FTX is the first MLB umpire uniform patch partner as part of a long-term deal that began in 2021.
- FTX also has deals with Formula 1 racing team Mercedes-AMG Petronas along with Buccaneers quarterback Tom Brady, Angels ace/slugger Shohei Ohtani and Golden State Warriors star Steph Curry.
Along with those sponsorships FTX also purchased an ad for the last Super Bowl. NBC reportedly charged $6.5 million for each 30-second spot for the broadcast.
