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Hong Kong’s FTX Negotiates Blockbuster Esports Team Naming Rights Deal
Hong Kong based cryptocurrency exchange FTX has clinched a sponsorship deal worth US$210m to rename a professional esports team.
The ten-year agreement, one of the biggest naming rights deals in the esports landscape, will see American esports team TSM switch its name to TSM FTX. The crypto company’s branding will also appear on the the esport team’s shirts and social media accounts.
However, FTX’s branding will not be displayed on the League of Legends and Valorant teams per Riot Games’ strict rules on cryptocurrency and sponsorships. This deal does not change the branding for the TSM teams that are playing in the LCS (League Championship Series) for League of Legends or for competitiveValorant. Riot Games, the developer of these games, has strict rules on what sponsorships esports teams are allowed to take. It does not condone team-specific sponsorships from gambling, cryptocurrency, or alcohol-related companies.
This is FTX’s second move in the world of sports, as it had scored a landmark deal as the official crypto exchange partner with NBA team Miami Heat in April.
