TSM suspends partnership with FTX

North American esports organization TSM has decided to suspend its partnership with FTX following the bankruptcy of the cryptocurrency exchange. The club immediately stops the transaction, and also removes any mention of the company from social networks and the name.

Following monitoring of the evolving situation and internal discussion, we are immediately terminating our partnership with FTX. This means that the FTX branding will no longer appear across our organization, teams, and social media, and will also be removed from players' jerseys. This process may take some time as some social networks have made changes to the functionality of their products.

TSM is a strong, stable and profitable organization. We forecast profitability for this year, next year and beyond. The current situation with FTX does not affect any part of TSM's operating plan, which was established earlier this year.

The organization has already begun to remove the FTX postscript from their social networks. However, the club is still trying to sort things out with Twitter, which is heavily moderated. It will probably take time for TSM to change its profile and remove the naming of the crypto exchange. What is not clear is whether the fact that the deal has been put on hold rather than canceled like the FURIA deal means there is still room for future collaboration.

As a reminder, the TSM organization concluded the largest deal in esports with FTX in 2021 in the amount of $210,000,000. As a result, the cryptocurrency exchange became the title sponsor of the club, and also received the rights to the name of the organization.

Last week, the Brazilian organization FURIA also terminated the agreement with the cryptocurrency exchange. FTX also currently has a seven-year contract with the League of Legends Championship Series (LCS) - the fate of the deal remains unclear. In addition, the crypto exchange cooperates with the Nerd Street Gamers tournament operator.