The Golden State Warriors is set to pause all FTX-related promotions, ending its $10 million sponsorship agreement with the exchange inked back in December 2021.
The news comes after numerous sports franchises dropped their association with FTX over the past week, following a complex series of events that led to the multibillion-dollar cryptocurrency exchange filing for Chapter 11 bankruptcy on Friday.
Rival NBA team Miami Heat also cut ties with the failed exchange over the weekend, putting its 19-year and $135 million sponsorship agreement to an end after renaming its flagship stadium FTX Arena in June 2021.
But it’s not just the basketball world distancing itself from the FTX brand.
Mercedes announced it would immediately remove FTX logos from its Formula One cars on Friday. At the same time, Brazilian esports organization FURIA, which had previously inked a sponsorship deal with FTX, began removing all the relevant branding earlier this week.
Not all recipients of FTX money have caught ties yet; North American esports organization Team SoloMid (TSM), for example, has yet to amend its branding or make an official statement.
The team is still officially known as “TSM FTX” following its 10-year $210 million naming rights deal announced on June 4, 2021.
Crypto, sports and marketing
The past years have seen the crypto world pour vast sums of money into pro sports, and while FTX’s level of spending did appear high, it was by no means unusual.