FTX.com’s sale to rival Binance Holdings Ltd. could jeopardize a long list of sports partnerships around the world.
(Bloomberg) — FTX.com’s sale to rival Binance Holdings Ltd. could jeopardize a long list of sports partnerships around the world.
The cryptocurrency exchange led by billionaire Sam Bankman-Fried inked a $135 million, 19-year agreement last year for naming rights to the Miami Heat’s basketball arena. Major League Baseball umpires wear patches with the company’s logo under a sponsorship deal, and FTX has a long-term partnership with Formula 1 racing team Mercedes-AMG Petronas.
Piling into a range of sports deals and television advertising allowed FTX to quickly become a household name. The exchange also has pacts with some of the world’s most famous athletes — including future Hall of Fame quarterback Tom Brady, NBA superstar Steph Curry and MLB phenomenon Shohei Ohtani.
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