With FTX recently collapsing and declaring bankruptcy, TSM announced it is suspending its partnership with the crypto exchange. The North American organization released a statement on Twitter, stating they are cutting ties with their naming rights sponsor.
Similarly to the statement they released a few days ago, TSM reassures the public that they are “profitable and stable.” Despite the biggest sponsorship deal in esports collapse, they claim that none of their operations are at risk, and forecast profitability in the present and the future
TSM and the second-largest cryptocurrency exchange in the World signed a whopping 10-year $210 million sponsorship deal in 2021, changing their brand to TSM FTX. However, TSM will now have to find another source to fund their League of Legends team’s tradition of throwing money at washed-up imports or poorly scouted players.
TSM is traditionally very aggressive on the market once the League of Legends offseason comes around, yet they’ve been very quiet so far. Many LCS organizations are expected to cut budgets coming into 2023, and TSM seems to be one of them. They already released their entire 2022 Academy roster, despite performing better than some players on their main roster.
TSM announced that FTX will stop being a part of their brand. They will remove it from all org, team, and player social media profiles, as well as their jerseys. Yet, due to the recent changes to Twitter verification following Elon Musks’ purchase of the platform, they will remain TSM FTX for a little while.
It has been a challenging year for the TSM brand and their CEO Andy “Reginald” Dinh. Alongside poor results and their main sponsor going bankrupt, the org had to withstand drama surrounding former players and “toxic workplace” allegations.
Hopefully, TSM will learn from their mistakes and goes on to have a prosperous and successful 2023. Yeah… Probably not.
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