The University Of California Berkeley Terminates Stadium Naming Deal With FTX
The sponsorship agreement between FTX and the University of Berkeley’s Cal Athletics football team (California) was signed in August 2021 with a value of $17.5 million, full crypto payments, and also FTX’s first sports partnership with a university.
Accordingly, the exchange will buy back the naming rights of California Memorial Stadium and change it to FTX Field. The logo of FTX is also densely featured on the advertising spaces of the football field.
However, earlier this week, on Twitter, there was a video showing the FTX logo being removed from the stadium.
FTX has been very tolerant of sports-related partnerships over the past two years. t
However, after the bankruptcy announcement, FTX’s promotion partners repeatedly decided to terminate the sponsorship contract, such as a $135 million Miami Heat basketball naming rights deal over the next 19 years.
As Coincu reported, e-sports company TSM has also removed the FTX logo and suspended the contract of $210 million.
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Harold
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