Major League Baseball is the latest entity separating itself from embattled cryptocurrency exchange FTX.
The first major sports league to secure a deal with a crypto exchange will no longer have its umpires wear an FTX patch on their uniforms after securing a pact with FTX.US last year.
The decision comes after FTX — along with more than 130 affiliated companies — filed for Chapter 11 bankruptcy.
- In January, FTX raised $400 million, valuing the company at $32 billion.
- Its deal with MLB made FTX the league’s first-ever umpire uniform patch partner.
- FTX branding was displayed across telecasts, MLB.com, and social media.
- The MLPA also had a deal with FTX, which allowed players to participate in promotions.
FTX’s bankruptcy caused the Miami Heat and Miami-Dade County to terminate a 19-year, $135 million arena naming rights deal.
The Mercedes-AMG Petronas Formula 1 team also suspended its sponsorship pact with the exchange.
Historic Deal Lost
Esports organization Team SoloMid severed ties with FTX in November. TSM — the most valuable esports company in 2022 at $540 million — was in the second year of a 10-year naming rights deal worth $210 million, the most lucrative sponsorship deal in esports history.