• Loading stock data...
Tuesday, June 25, 2024
Meet the Rising 25 Class of 2024!

FTX Acquisition Could Reverberate Around Sports World

  • Amid slide in digital assets, FTX announced it would be acquired by Binance.
  • FTX, like competitor Crypto.com, made a major push into sports over the last couple of years. 
FTX Arena
FTX

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. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
Sponsored

How Duracell is Making Fans Fall in Love with F1 Racing

Nobody expected this household brand to become F1’s newest darling.
Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.

ESPN Narrowly Avoids Disaster on Hurricanes-Rangers Broadcast

The network briefly switched playoff games in crunch time of Canes-Rangers.
podcast thumbnail mobile
Front Office Sports Today

How the American Soccer Fan is Unlike Any Other Sports Fans

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.
June 13, 2024

Everything You Need to Know About the Schism Rocking Competitive Eating

The business story about hot dogs that you never knew you needed.
June 13, 2024

The ‘Big’ in Big 12 Could Soon Be Replaced With a Sponsor’s Name

Allstate is said to be in discussions about a deal with the Big 12.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 12, 2024

Saudi Arabia’s Next Big Sports Target: Boxing, With Joint Venture Worth $5B

The Public Investment Fund of Saudi Arabia is focusing on boxing as its next large-scale sports target.
June 11, 2024

Breakthrough? Tiger Says PGA Tour and LIV Golf Are Eyeing ‘End Game’

Woods called a recent meeting ‘productive.’
June 10, 2024

Salt Lake City’s $4B Olympics Price Tag Could Be a Bargain: Here’s Why

Utah is the preferred bidder for the 2034 Games.
June 7, 2024

New Era’s Acquisition of ’47 Set to Reshape Sports Apparel Market

New Era is set to acquire ’47 in a deal creating a combined operation with $2 billion in annual revenue.