Esports organization TSM announced that they are keeping the naming rights deal on hold after TFX filed for bankruptcy.
In June of 2021, popular Esports org TSM signed a massive deal with crypto exchange FTX. As part of this deal, TSM rebranded itself as TSM FTX and was getting paid $210 million. FTX was supposed to complete this payment in the span of 10 years.
That means TSM was supposed to get paid $21 million per year for simply adding the name FTX into their own. At that time, it was dubbed the most expensive deal in the history of Esports. TSM also used the name TSM FTX in all Esports tournaments since then except one. Riot Games was the only developer that banned the use of the FTX logo or name on any jerseys because of their policy.
But, the partnership between TSM and FTX did not last very long, as FTX recently filed for Bankruptcy protection.
TSM Suspends Partnership with FTX:
In a recent Twitter post, TSM announced that they are keeping the partnership with FTX on suspension following the incident. They wrote,
“After monitoring the evolving situation and discussing internally, we’re suspending our
partnership with FTX effective immediately. This means that FTX branding will no longer appear on
any of our org, team, and player social media profiles and will also be removed from our player
jerseys. This process may take some time to complete as some social platforms have made changes
to their product features. TSM is a strong, profitable, and stable organization. We forecast profitability this year, next year, and beyond. The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year.”
This means that all TSM FTX jerseys and player social media profiles will soon revert back to just TSM.