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TSM has announced the suspension of its collaboration with FTX, which just collapsed and declared bankruptcy. The North American LCS team issued a statement on Twitter announcing the termination of their relationship with their naming rights sponsor.
League of Legends pro team - TSM, assures the public that it is "profitable and steady." Despite the failure of the largest sponsorship contract in esports, they stated that none of their activities are jeopardized and expect profitability in the present and future.
TSM and the world's second-largest cryptocurrency exchange struck a 10-year $210 million sponsorship agreement in 2021, renaming their identity to TSM FTX. TSM, on the other hand, will have to find another source of funding to continue their Riot and League of Legends team's reputation.
TSM has stated that FTX will no longer be a part of their brand. They will remove it off all of the organization's, team's, and players' social media sites, as well as their shirts.
However, because to recent changes to Twitter verification following Elon Musk's acquisition of the site, they will stay TSM FTX for the time being.
The TSM brand and its CEO, Andy "Reginald" Dinh, have had a difficult year. Along with dismal performance and its key sponsor's bankruptcy, the organization had to deal with controversy involving former players and "toxic workplace" charges.
TSM, hopefully, will learn from their mistakes and have a lucrative and successful 2023.
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