FTX set to become LCS sponsor in 7-year deal, sources say

Source: Boardroom.tv

 

A report from Jacob Wolf at the Daily Dot claims that FTX, the title sponsor of TSM, will be announced as a sponsor of the LCS in the near future. The company will have their graphics and logos on a number of different segments during the Riot broadcast, with the league having dispensation to remove them in any jurisdiction or nation where cryptocurrency exchange are currently illegal.

 

The news comes a few weeks after Riot themselves told TSM they could not rebrand to "TSMFTX" as part of the orgs deal with the crypto exchange, at least not when competing in Riot events, leading to a mockery of a deal that cost the company $200M. The league currently lists crypto exchanges as prohibited for sponsorship when it comes to partner teams, although this deal could signify a softening of attitude toward the practice from Riot Games.

 

The fact FTX are title sponsors of TSM could also lead to questions regarding the competitive integrity and impartiality of the league, with TSM one of the biggest brands in NA esports already.

 

FTX has been investing heavily in the American sports and esports space recently, with deals signed with both MLB baseball and the Miami Heat of the NBA. Their moves into the American space come at a time when crypto trading is relatively restricted in that part of the world, although this and other deals suggest that could change as teams and leagues look for new revenue streams in financially uncertain times.

 

Last month, FTX raised $900M from more than 60 partners, according to a report in the Financial Times, with the company valued at $18B, an incredible rise from the $1.2B valuation they achieved just last year. The company is currently based in Antigua, with its main office in Hong Kong, and bars American users from trading on their main platform due to existing regulations in the United States.

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