bereajoy: Riot Games & eSports Teams
Riot Games & eSports Teams
Riot Games is the studio behind the internet-favourite game League of Legends. FTX had signed a seven-year deal with the studio to sponsor their League of Legends Championship Series.
FTX also sponsored several esports teams, including Team SoloMid and the Brazilian team Furia. The teams have now distanced themselves from FTX, as both of these teams had short-term contracts only.
Almost surprisingly, the University of California Berkeley, too, had a deal with FTX for the naming rights of its stadium. The deal was worth a whopping $17.5 million for 10 years, to be paid all in crypto — a deal that also stands cancelled at the moment.
The repercussions of such sponsorship of sporting teams and icons are much more complex because of the kind of public goodwill they command. When a beloved celebrity or team endorses a brand, people assume there has been due diligence from them, or they use the services. When a company goes down, it leaves a bitter taste in the mouths of fans.
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