North American esports organization Team SoloMid, also known as TSM, announced Wednesday that it has suspended its partnership with Bahamian cryptocurrency exchange FTX. The announcement came less than a week after FTX filed for bankruptcy.
“TSM is a strong, profitable and stable organization,” the organization’s statement said. “We forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year.”
We've suspended our partnership with FTX effective immediately. pic.twitter.com/u8vQSWnAbX
— TSM (@TSM) November 16, 2022
Last Saturday, the organization put out a statement claiming it was monitoring the situation with FTX. According to that statement, TSM did not have any information outside of what was available to the public. Nevertheless, that statement similarly assured fans that TSM’s situation was stable and that it didn’t expect its profitability to change in the coming year.
More about the TSM FTX deal
The $210 million deal took effect in June of 2021 when the organization officially changed its name to TSM FTX. Alongside this branding change, players began to sport the FTX logo on their jerseys, although neither of these changes took effect in the League of Legends Championship Series due to Riot Games’ sponsorship rules for the LCS.
TSM confirmed Wednesday that all of these branding changes would be removed as soon as possible. However, the organization also noted that it cannot currently change its name on Twitter due to new restrictions implemented for verified users following the purchase of Twitter by Elon Musk.
FTX experienced a solvency crisis earlier this month after its native cryptocurrency token, FTT, began to plummet in value. Following a drop of more than $14 billion in his net worth in a single day, FTX founder and CEO Sam Bankman-Fried resigned from the company last Friday. The company filed for bankruptcy on the same day.