MLB Latest To Cut Ties With FTX

The oldest major professional sports league in America is the latest entity to cut ties with embattled cryptocurrency exchange FTX.

Major League Baseball confirmed Thursday it has terminated its five-year sponsorship deal with FTX  after the exchange — along with more than 130 affiliated companies — filed for bankruptcy last week. 

• MLB and FTX agreed to the deal in 2021, making FTX the league’s official exchange.
• The league’s umpires had worn an FTX patch on their shirts from July 2021 through this year. 

FTX’s bankruptcy has spurred the collapse of several sports-related deals. 

Earlier this week, the Miami Heat and Miami-Dade County terminated a 19-year, $135 million naming rights deal with FTX secured in March 2021. The contract between the team, county, and FTX requires the exchange to pay $16.5 million if it faces an “insolvency event.” 

The Mercedes-AMG Petronas Formula 1 team suspended its sponsorship deal with FTX, and Cal suspended its naming rights deal for the football field at California Memorial Stadium. 

Cal was in the midst of a 10-year, $17.5 million deal with FTX that was to be paid in crypto. 

Esports organization TSM — the most valuable esports company in 2022 at $540 million — has also decided to suspend its 10-year, $210 million naming rights deal with FTX. 

Legal Woes 

A consortium of investors has sued FTX founder Sam Bankman-Fried and several high-profile athletes who promoted the exchange.

Included in the $11 billion class-action suit are seven-time Super Bowl champ Tom Brady, NBA star Steph Curry, and others.