Esports team TSM suspends $210 million sponsorship deal with FTX

TSM has confirmed that it remains "strong, profitable and stable" despite its decision to suspend sponsorship with FTX.

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Professional esports organization Team SoloMid (TSM) (formerly TSM FTX) has suspended its $210 million sponsorship deal with now-bankrupt crypto exchange FTX "effective immediately" after the abrupt collapse of the cryptocurrency trading platform last week.

The US-based esports organization made the announcement in a November 16 tweet to its 2.2 million followers, adding that the decision was made after "monitoring the evolution of the situation and discussed internally".

We have suspended our partnership with FTX with immediate effect. pic.twitter.com/u8vQSWnAbX

— TSM (@TSM) November 16, 2022

The $210 million deal was put on paper in June 2021, resulting in the name change from TSM to TSM FTX. At the time of the deal, the esports organization said it would allocate its new resources to every corner of the world by opening offices in Asia, Europe and South America, according to Esports insider.

TSM also purchased $1 million of FTX's native token, FTT, which was distributed to players and employees.

After FTX's collapse last week, TSM in a Nov. 13 tweet said the company was discussing its legal counsel "to decide the best next steps to protect our team, staff, fans, and players. ".

TSM statement on FTX pic.twitter.com/nbiCCnciNF

— TSM (@TSM) November 13, 2022

In its latest announcement, TSM said the suspension of its partnership with FTX means that FTX...