Marking the largest sponsorship deal in E-sports history, American Team-SoloMid signed an agreement with crypto-currency trading platform FTX. The 10-year long, $210 million naming rights agreement will see TSM renamed as TSM FTX.
Signing the deal with FTX Trading Limited, Andy Dinh, the founder of TSM stated: “This deal is extremely important to the future of our organisation, but it was equally as important for me personally to partner with such a visionary leader.” Speaking of Sam Bankman-Fried, he also stated: “Just as a shared passion of gaming connects people around the world across ages, continents, and language barriers, Sam built a company that connects the world around a shared value of currency. I am extremely proud he chose to work with TSM.“
Sam Bankman-Fried, who is the founder and Chief Executive of FTX also stated that his company is really excited to work with TSM as it is a team which has proved inside-out to be a premier in E-sports.
According to both the parties, TSM FTX will now focus on expanding their global reach. They plan to open divisions in Asia, Europe and South America while also aiming to establish themselves in mobile gaming.
TSM barred from using FTX in name for League of Legends, Valorant broadcasts
Riot games, the developer of Valorant and LoL has barred TSM from using their new name in their NA Esport broadcasts. Although Riot approved the deal, it gave out certain conditions that need to be followed by the team. Both League and Valorant have restrictions on certain sponsors and these unfortunately include crypto-currency related companies as well.
For now TSM has agreed not to use their new name in their logos and jerseys when it comes to official broadcasts. However, the team will continue with their new name on social media and other games where the restrictions don’t apply.
Clearing things up a bit more, Andy Dinh wrote on a reddit thread: “The deal carves out name on broadcast and jersey logo on both league and Valorant. But FTX will still be sponsoring our league and Valorant players in content, social, live-streaming and in-person events. Which has more visibility than riots broadcast.”
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