In 2021, multimillion dollar agreements with cryptocurrency firms like FTX, an exchange for trading digital assets, were warmly received by sports teams.
The future of those alliances is uncertain following the dramatic demise and impending acquisition of FTX, a well-known cryptocurrency exchange, by binance on November 8th
Due to the significant financial commitment, investors have frequently been skeptical of businesses that buy stadium naming rights. Numerous naming rights deals appear to be cursed, and the businesses who invested hundreds of millions of dollars ultimately file for bankruptcy protection.
Ohtani received FTX stake
Los Angeles Angels Shohei Ohtania great pitcher and hitter, is one of the prominent sports teams and sportsmen that Bankman Fried supports. He was selected as FTX’s global ambassador in November of last year. In exchange, the entrepreneur informed CNN that he received stock in the business.
Ohtani received compensation in the form of cryptocurrencies and an undisclosed amount of FTX shares.
Stephen Curry, Tom Brady, Gisele Bundchen all signed deals
Stephen Curry also entered into a relationship with FTX in September 2021. This was his first investment in the cryptocurrency market.
Curry’s nonprofit organization Eat.Learn.Play. collaborated on charitable projects with the exchange.
Aside from serving as for FTX, football player Tom Brady and model Gisele Bundchen i.e. own shares in the company.
Although the investment equity was not made public, FTX claimed they would receive an undetermined sum and kind of cryptocurrency.
the Cal Golden Bears and FTX agreed to a 10-year, $17.5 million naming rights agreement in August 2021.
