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Monday, July 22, 2024
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You’re Out! MLB Umps Drop FTX Patches

  • In November, the league terminated its five-year sponsorship deal with FTX.
  • The cryptocurrency exchange filed for Chapter 11 bankruptcy that month.
FTX-MLB
Ron Chenoy-USA TODAY Sports

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.

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  • 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.

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