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Heated Apparel Company ORORO Named Presenting Sponsor of US National Bobsleigh/Skeleton Team Trials

MLB in talks with legal counsel over FTX partnership as cryptocurrency firm bankruptcy throws sports deals into doubt

By

Andre Cohen


MLB is talking to its legal counsel to decide how best to proceed regarding its partnership with now-bankrupt cryptocurrency firm FTX, sources tell SportTechie. Sources close to the league said MLB is concerned and is monitoring the situation closely.

Major League Baseball’s history dates back to the 1800s, but FTX became the first-ever brand to feature its logo on umpire uniform patches beginning with the 2021 All-Star Game in Denver and continuing through the 2022 season. Shortly after MLB signed its five-year deal with FTX in June 2021, the league welcomed its MLB Moon Blasts Pick ‘Em contest presented by FTX which offered $50,000 worth of Bitcoin to deposit into the winner’s FTX account. MLB held a similar prediction contest with FTX which promoted a $100,000 Crypto Grand Prize this past season.

No later than November 5, MLB Twitter account shared a World Series home run highlights video that was brought to you by FTX. Miami Heat have finished its stadium naming rights deal with FTX while the two Golden State Warriors and Mercedes AMG Petronas F1 Team have suspended their crypto brand promotions. If MLB ultimately decided to end its relationship with FTX, the last time the brand’s logo would appear on an MLB field was during Game 6 of the World Series at Minute Maid Park in Houston.

Ironically, the Astros’ baseball stadium was previously called Enron Field from 2000 to 2002 before the energy company declared bankruptcy amid its notorious accounting fraud and corruption scandal. “Enron was once the Derek Jeter of corporate America – young, dynamic, full of promise”, Edward Wong of The New York Times wrote in 2002 after the Astros prematurely ended their 30-year, $100 million contract with Enron.

This scandal was at the end of Web1 and the beginnings of Web2 in the early 2000s. The demise of FTX comes after the collapses earlier this year of other crypto brands Traveler and Terra, which spent the last MLB season promoting its worthless cryptocurrency as part of Terra Club at Nationals Park in Washington DC.

The sports industry’s hopeful adoption of Web3 now has to contend with FTX’s footprint covering many of the company’s favorite buzzwords. An Instagram post by FTX in june highlighted The Sandbox, Decentraland, and Axie Infinity as the “3 Most Popular Crypto Metaverses”. FTX has also created NFT collections for partner teams such as Heat, Warriors, Washington Wizards and Washington Capitals.



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