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Top F1 Racing Team Suspends FTX Partnership

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u.today 11 November 2022 15:33, UTC
  
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Formula One (F1) racing team Mercedes-AMG Petronas has suspended its partnership with the embattled FTX exchange, according to a Friday report by Autosport.

This means that FTX logos will no longer appear on the team's cars and drivers during the Brazilian Grand Prix this weekend.

FTX signed a long-term sponsorship deal with one of the most successful racing teams back in September 2021. The high-profile partnership was supposed to span several racing seasons.

This was the first time any F1 team joined forces with a cryptocurrency exchange.

The home building of the Miami Heat professional basketball team is now expected to get a new name sooner than anticipated. FTX paid $135 million to rename the American Airlines Arena to the FTX Arena last March. The logo of the exchange appeared on the arena's roof just a month before its apparent implosion.

Miami-Dade County recently voiced its concerns about FTX's financial situation, and it is now exploring possible next steps.

FTX also spent hundreds of millions of dollars on deals with professional esports organization TSM and Major League Baseball.

The fate of these prestigious partnerships remains unknown as FTX, which was valued at $32 billion earlier this year, now appears to be on the cusp of bankruptcy. It is likely that more brands will seek to distance themselves from the exchange amid the turmoil.


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