TSM Esports Signs $210 Million Sponsorship With FTX Crypto Exchange
Cryptocurrency exchange FTX has paid $210 million for the naming rights to esports organization TSM. The gaming organization has now changed its name to TSM FTX on behalf of its new sponsorship with Hong Kong-based FTX, which stands for Futures Exchange.
The deal is for 10 years and $21 million per year, which is larger than the 19-year, $135 million deal that FTX paid for naming rights to the home arena of the NBA’s Miami Heat. All TSM players and employees will receive cryptocurrency from FTX as part of the deal. TSM is ranked as the most valuable esports organization in the U.S. with a valuation of $410 million, according to Forbes.
“Taking a huge industry and then reimagining it in a digital age: that’s sort of what esports are to sports, and it’s sort of what crypto is to investing and to finance,” FTX CEO Sam Bankman-Fried told The New York Times.
TSM will reportedly use its new sponsorship funds to attract star players with higher salaries and open offices in China, Europe and South America.
After the deal was announced, Riot Games, which organizes League of Legends and Valorant leagues that TSM fields teams in, said that TSM will not be allowed to go by its new name or display “FTX” on its uniforms during competitions because cryptocurrency exchanges are part of a category of sponsors that carry “activation restrictions,” according to Dot Esports.
Credit: Source link