Miami Heat FTX Arena
Tom Brady and Gisele Bundchen Ambassadors
Financial institutions have long been partnering organisations with sports leagues and teams. From tournaments, teams and stadiums, financial institutions pour immense amount of capital into the industry for a chance at increasing awareness. Just look at the long-standing partnerships between the English Premier League and Barclays, The French Open and BNP Paribas and numerous American sports teams who have sold their stadium naming rights to major banks and fintech companies. Cryptocurrency exchange FTX have pledged over $500 million in sports sponsorship and ambassadors, this week let’s look at these deals and how they are changing the sports landscape.
Miami Heat: 19-year $135 million deal:
American Airlines Arena the iconic home of the 3-time NBA champions Miami Heat is having its first name change since its opening in 1999.
The arena will now be known as FTX Arena with FTX committing to $135 million in fees over 19 years.
This comes on the back of a landmark deal by NHL team Montreal Canadiens signing a sponsorship deal with Crypto.com to include their branding on centre ice.
TSM: 10-year $210 million deal:
FTX has also announced its arrival to the eSports scene by partnering with US based eSports team TSM. The team being renamed FTX TSM.
In addition to naming rights, FTX TSM reportedly purchased $1 million in FTT, FTX’s native token. The team is also expected to distribute cryptocurrency to its players.
Tom Brady & Gisele Bundchen Deal:
The most recent deal that FTX has signed is with one of the most famous athletes on the planet, Tampa Bay Buccaneers quarterback Tom Brady and his supermodel wife Gisele Bundchen.
In a deal that sees the power couple become ambassadors of the company in exchange for equity in the firm and cryptocurrency offerings, FTX continues to extend its influence in the sports industry.
It is still extremely hard to see if these efforts by FTX will have a positive return towards the firm but this might be a sign that cryptocurrencies and the institutions associated with them are here to stay and are slowly moving towards being major mainstream players in the financial sector.