• Loading stock data...
Sunday, May 19, 2024

MLB Latest To Cut Ties With FTX

  • 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 sleeves from July 2021 through this year.
MLB umpire with FTX logo advertisement on his shirt points towards the dug out
Mark J. Rebilas-USA TODAY Sports

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Chaos at the PGA Championship: Here’s What We Know

The No. 1 golfer in the world nearly didn’t make it to Valhalla Golf Club.

Mets Owner Faces Backlash After Tweet Sparks Trade Speculation

Mets owner Steve Cohen is walking back a now deleted tweet that further riled an impatient fan base.
Bally-Sports

DSG’s Path to Revival Faces Major Pushback from MLB, NBA, and NHL

Three major pro leagues raise further concerns about the bankrupt Bally Sports parent.

NFL’s Christmas Shake-Up: Netflix and Amazon Will Take It Over in ’25

This is the new-age NFL, where anything goes, if the price is right.
podcast thumbnail mobile
Front Office Sports Today

MLB, NBA, NHL Broadcasting Future Goes to Court

0:00

Featured Today

Michael Block signs autographs on the 18th hole during day three of practice for the PGA Championship at Valhalla Golf Club on Wednesday, May 15, 2024.

‘I Prefer It This Way’: How Life Works for PGA Club Pros

Here’s how life works for the qualifiers at golf’s second major.
February 5, 2019; Washington, DC, USA; The grounds of the Capitol Building empty out following the conclusion of President Donald Trump's State of the Union speech on February 5, 2019.
May 18, 2024

‘A Breathtaking Lobbying Campaign’: The NCAA’s Sophisticated Effort to Save Amateurism

Inside the carefully coordinated, multimillion-dollar operation to end the athletes’ rights era.
May 14, 2024

The WNBA Was Forged in Houston. Why Won’t It Go Back There?

Houston’s a perfect fit for expansion. The league isn’t considering it yet.
May 9, 2024; Indianapolis, IN, USA; Indiana Fever guard Caitlin Clark (22) stands with the team during the national anthem on Thursday, May 9, 2024, during the preseason game against the Atlanta Dream at Gainbridge Fieldhouse in Indianapolis.
May 12, 2024

‘Perfect Storm’: The Rise of Local WNBA Broadcast Pacts

With national attention reaching new heights, regional coverage could dictate the future.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

How an ‘Extremely, Extremely Rare’ Contract Created the Villanova Knicks

Josh Hart’s second contract was unique in its structure, his agent and an expert say.
April 23, 2024

Caitlin Clark’s Nike Deal Reportedly Worth $28 Million Over Eight Years

The deal would become the largest for a women’s basketball player.
May 6, 2024

Potential Everton Buyer Accused of Enormous Fraud in Lawsuit

Miami-based 777 Partners faces its biggest legal blow yet.
Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.
April 22, 2024

Apple Reportedly Close To Winning Broadcast Rights for Club World Cup

Apple’s deal would be FIFA’s first single worldwide broadcast contract.
April 19, 2024

Memphis and FedEx Strike Unique Corporate NIL Deal For $25 Million

The logistics company has a long-standing relationship with the university.
April 18, 2024

NBA Media Rights Likely Headed for Open Market Next Week

The league is reportedly letting Monday’s deadline pass without a deal.
April 18, 2024

Caitlin Clark ‘Nearing’ $20 Million-Plus Nike Deal: Report

Clark had an NIL deal with Nike at Iowa as well.