CNN Business —The near collapse this week of FTX, one of the largest cryptocurrency exchanges, has sent shockwaves throughout the crypto startup and investment community.
Like other crypto companies, FTX has invested heavily in sports sponsorships, including partnerships and naming rights in professional basketball, baseball and Formula One racing.
In 2021, FTX inked a reported $135 million, 19-year deal with the NBA’s Miami Heat to rename the American Airlines Arena as FTX Arena.
Sports partnership experts say the stadium naming rights are the biggest headache.
In a hiring announcement earlier this year, Binance CEO Zhao “CZ” Changpeng said: “It was not easy saying no to Super Bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.”