TSM releases statement as major sponsor FTX files for bankruptcy TSMTSM has released a statement after major naming rights sponsor FTX, who signed a $210 million deal with the esports organization last year, has filed for bankruptcy. The team is looking at the \u201cbest next steps to protect\u201d their brand, and touted their financial stability. Cryptocurrency exchange FTX has been in the headlines after the major player in the space filed for bankruptcy. While first reporting pointed towards a potential bailout by rival Binance, that deal fell through after analyzing financials. Since then, the exchange has been accused of moving hundreds of millions of dollars in assets in \u201csuspicious circumstances\u201d as CEO Sam Bankman-Fried apologized to the platform\u2019s users for \u201cending up here.\u201d \u201cHopefully things can find a way to recover,\u201d he said on November 11 after filing associated FTX brands for bankruptcy. \u201cHopefully this can bring some amount of transparency, trust, and governance to them.\u201d In the esports world, all eyes turned to TSM. The major North American organization penned what was described as the \u201clargest [deal] in esports history\u201d when they signed a $210 million, ten-year naming rights agreement with FTX. The organization is aware of the FTX collapse, it said in a statement on November 12, while touting its own financial stability even as their major sponsorship collapses. \u201cAlong with the rest of the world, TSM has been closely following the situation surrounding FTX,\u201d the organization said. \u201cWe have no insight into the matter other than what has been reported publicly. We are currently consulting legal counsel to determine the best next steps to protect our team, staff, fans and players. \u201cTo be clear, TSM is built on a solid foundation. We are stable and profitable, and we continue to forecast profitability for this year, next year, and beyond. We look forward to a great year in 2023.\u201d TSM previously alluded to plans of building \u201ca strong footprint within Europe\u201d along with its other global expansions, with FTX\u2019s backing going some way towards that goal. The company has not clarified if these efforts can be continued. The esports team was also not FTX\u2019s only involvement in esports. The exchange penned a seven-year deal with the LCS in August 2021, and also had a one-year agreement with FURIA. Neither have commented on the bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"
TSM releases statement as major sponsor FTX files for bankruptcy TSMTSM has released a statement after major naming rights sponsor FTX, who signed a $210 million deal with the esports organization last year, has filed for bankruptcy. The team is looking at the \u201cbest next steps to protect\u201d their brand, and touted their financial stability. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22000","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/22000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=22000"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/22000\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=22000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=22000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=22000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}