TSM Signs $210 Million Naming Rights Deal With Crypto Exchange FTX
Dubbed as "the biggest deal in the history of esports", TSM has signed a 10-year, $210 million naming rights agreement with FTX Trading Limited and West Realm Shires Services Inc., the owners of the FTX cryptocurrency exchange.
The organisation that used to be called Team SoloMid, before a slow rebranding to just TSM, will now be named "TSM FTX" across all of their competitive titles. The organisation boasts teams in League of Legends, VALORANT, Apex Legends, Rainbow Six, Fortnite, and more, all of which will now adopt the new name.
According to reports from Jacob Wolf, TSM will now look to put the lucrative deal to good use by expanding across the globe, adding new offices and establishments in Asia, Europe, and South America, with a heavy focus on mobile esports. Wolf also reports that the organisation will be purchasing $1 million worth of crypto from FTX Token to distribute among their staff and competitive players.
Click to enlargeFTX CEO Sam Bankman-Fried told the New York Times “Taking a huge industry and then reimagining it in a digital age: that’s sort of what esports are to sports, and it’s sort of what crypto is to investing and to finance.”
The cryptocurrency agency comes into esports with one of the biggest investments in the industry's history. Other digital companies have also recently stepped into the scene too, with QNTMPAY partnering with Dignitas and Bondly doing the same with G2 Esports, although neither are naming rights deals nor of this financial magnitude.
TSM FTX is now dining amongst the giants in the financial world of esports following the deal. After recently being valued at $410 million by Forbes, the deal will almost multiply their revenue status by 1.5 by the time the 10-year deal concludes.
Image via TSM FTX
