Major League Baseball confirmed Thursday it terminated its sponsorship with FTX following the cryptocurrency exchange’s “jarring” bankruptcy.
The exchange also struck endorsement deals with many of the world’s top athletes, including 2021 American League most valuable player Shohei Ohtani, Baseball Hall of Famer David Ortiz and Tampa Bay Buccaneers quarterback Tom Brady, all of whom were among the dozen celebrity FTX endorsers named in a proposedCrypto companies committed more than $3 billion in sponsorship money to the sports industry, GlobalData’s head of sports analysis...
Wiacek wrote in emailed comments last week, calling the FTX collapse a “seismic moment for the sports sponsorship industry.” Valued at $32 billion in January with backing from major institutional investors, FTX’s sudden crumbling came after revelations of unscrupulous practices at the company and Bankman-Fried’s trading firm Alameda Research.
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