One of the biggest and most successful esports-focused organisations, Team SoloMid is seeking legal advice due to the fall of the crypto company FTX, which recently filed for bankruptcy.
Officially speaking, Team SoloMid was known as TSM FTX, due to its partnership with the company which saw the team change titles due to a naming rights deal. The sponsorship deal also saw FTX pay out $21 million per year to Team SoloMid.
However recent events have seen FTX take quite a rapid fall from glory as then-CEO Sam Bankman-Fried filed for bankruptcy, triggering shockwaves throughout the world of crypto. The man himself then stepped down as CEO. The fall of FTX has repercussions for many in the crypto market and those associated with FTX, therefore it would only make sense that Team SoloMid would seek out legal advice.
Cutting ties
TSM said in a Twitter statement that “Along with the rest of the world, TSM has been closely following the situation surrounding FTX,” the statement goes on to say that “we are currently consulting legal counsel to determine the best next steps to protect our team, staff, fans and players”
The statement does also note that TSM itself is still built upon a solid foundation and the business is stable and profitable, with further profitability still forecast for 2023. However, having a deal with FTX still in place posed a problem for the esports organisation and is one they wished to deal with promptly.
A couple of days after this statement, TSM took to Twitter once again to provide an update on the current situation saying that after monitoring the situation, TeamSolo Mid would be suspending the partnership with FTX “effective immediately.” By ending the partnership, all FTX associated branding will be stripped from TSM.
Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.
