UC Berkeley terminates stadium naming agreement with FTX

The deal presented for the use of the title “FTX Field” for UC Berkeley stadium for ten many years, but lasted only 450 days ahead of the exchange filed for bankruptcy.

Sponsorship Agreement involving FTX and UC Berkeley Cal Athletics (California) signed in August 2021 for $17.five million, completely encrypted and FTX’s very first sports activities partnership with a university. As a consequence, the exchange will repurchase the naming rights to California Memorial Stadium and transform it to FTX Field. FTX’s emblem is also heavily featured on football discipline marketing spaces.

Earlier this week, a video of the FTX emblem becoming eliminated from the stadium surfaced on Twitter. On November eleven, a college representative even now termed FTX a “great partner of Cal Athletics” and stated they had been monitoring the predicament closely, but that exact same evening FTX has officially filed for Chapter eleven bankruptcy.

#New: The FTX emblem has now been eliminated from the UC Berkeley football discipline, which utilized to be termed FTX Field At Memorial Stadium. pic.twitter.com/k0o1xZ5dFZ

— scott budman (@scottbudman) November 16, 2022

FTX has been extremely “generous” and paid for its sports activities-associated partnerships for the previous two many years. However, right after the announcement of bankruptcy, FTX’s promotion partners have repeatedly made the decision to terminate the sponsorship agreement, as a contract. Miami Heat basketball stadium naming rights really worth $135 million above the upcoming 19 many years, or a partnership with e-sports activities platform TSM, has now eliminated the FTX emblem and terminated the $210 million contract.

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