From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships
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A string of organizations competing in various sports are pulling out of sponsorship deals with beleaguered cryptocurrency exchange FTX. The coin trading platform had pledged millions of dollars to building up brand recognition among sports fans before it went bankrupt. FTX Sign Being Dismantled as Miami Heat Seeks New Naming Rights Partner for Its Arena Scrapping one of FTX’s most expensive sponsorship arrangements, NBA’s Miami Heat and Miami-Dade County said on Friday they are terminating the agreement with the troubled crypto exchange and stated their intention to find a new naming rights partner for the basketball team’s arena. The reported
Crypto companies have taken over Formula 1 in a way never seen before. Almost every team has a crypto sponsor as the 2025 Formula 1 season begins in Melbourne. Crypto.com, a major crypto exchange, is one of Formula 1’s main partners, along with brands like Qatar Airways, DHL, and LVMH. …
Luxury automobile brand Mercedes has suspended its partnership with FTX; removes logos from F1 cars. Mercedes suspends deal with FTX World-class German car company Mercedes has suspended its Formula 1 sponsorship deal with crisis-hit crypto exchange FTX. According to a report published yesterday, November 11, Mercedes’ logos will be removed…