According to TSM, despite its decision to suspend sponsorship with FTX, the company remains “strong, profitable, and stable.” Following FTX’s shock collapse last week, Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt crypto exchange.
The announcement was made in a Nov. 16 tweet to its 2.2 million followers by the United States-based esports organization, who added that the decision was made after “monitoring the evolving situation and discussing internally.” After the $210 million deal was signed in June 2021, TSM FTX was renamed TSM FTX. According to Esports insider, the organization said at the time of the agreement that it would open offices in Asia, Europe, and South America to make use of its new resources.
The company also purchased $1 million worth of FTX’s native token, FTT, distributed to players and employees. Following FTX’s demise last week, TSM stated in a Nov. 13 tweet that it was consulting with its legal counsel “to determine the best next steps to protect our team, staff, fans, and players.” According to TSM’s most recent announcement, the company’s partnership with FTX has been suspended, which means FTX branding will be removed from TSM’s official name and team and player social media profiles.
The TSM team is well known for its participation in League of Legends, one of the most popular multiplayer online battle arena video games. The TSM also fields players in Dota 2 and Apex Legends online games. Following FTX’s collapse, TSM isn’t the only company to have terminated a sponsorship agreement.