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Team SoloMid announced Wednesday that it had severed ties with FTX, a deal billed as the most lucrative sponsorship agreement in esports history.
TSM was in the second year of a 10-year naming rights deal worth $210 million that rebranded the major esports team as TSM FTX.
FTX filed for bankruptcy on Friday, leading Miami-Dade County and the Miami Heat to exit their 19-year, $135 million deal with the crypto exchange.
“After monitoring the evolving situation and discussing internally, we’re suspending our partnership with TX effective immediately,” TSM said in a statement. “This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys.”
TSM said in the statement even minus FTX’s deal, the esports team is “strong, profitable and stable,” and the change “does not affect any part of TSM’s operating plan.”
