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TSM has announced that it is suspending its $210mn partnership with bankrupt crypto exchange FTX.
Finally, TSM have now released a statement saying it is suspending its $210mn partnership with FTX effective immediately.
In an announcement published across all its social media channels, with accompanying press release, the esports organization announced that the FTX branding will no longer appear on any TSM social media profiles and player jerseys. The statement also provides reassurances that TSM remains stable and profitable and expects profitable years to come. TSM is one of the largest esports organizations in the world with teams that participate in some of the most high-stakes tournaments for major titles.
TSM is dropping all FTX branding
“FTX branding will no longer appear on any of our org, team and player social media profiles, and will be removed from our jerseys. This process may take some time to complete as some social platforms have made changes to their product features”
The esports giant revealed in its press release that it will be dropping all FTX branding from its assets. This includes social media handles and profiles, merchandise, player shirts and official platforms. It has already removed the FTX name from its website and Facebook pages. FTX still appeared on its Twitter profile for some time, but that was because of theplatform’s recent changes to its verification system.
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The deal included naming rights and the organization was globally recognized as TSM FTX. The two parties had originally agreed upon a deal that was supposed to last a decade.However, FTX announced that it was filing for voluntary bankruptcyafter its attempted bailout by rival crypto firm Binance collapsed.
TSM claims it remains profitable
TSM is a strong, profitable and stable organization. We forecast profitability this year, next year, and beyond. The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year
With TSM being an organization that is home to some of the biggest household names and revered esports talents, many fans are concerned about such a large deal collapsing. As of now, it looks like nobody is jumping aboard and the organization’s executives are confident in their ability to keep the ship stable.
