FTX Signs $17.5M Deal to Sponsor UC-Berkeley Athletic Department
Sam Bankman-Fried's crypto exchange has signed its first college sports sponsorship deal, with the payment in this case to be made in crypto.
Aug 23, 2021 at 3:29 p.m. UTCUpdated May 9, 2023 at 3:22 a.m. UTC
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FTX.US, the U.S. affiliate of crypto exchange FTX, has signed a $17.5 million, 10-year agreement with Cal Athletics, the athletic department of the University of California, Berkeley, for the naming rights to the field at California Memorial Stadium.
- The field will be known as the “FTX Field” at the California Memorial Stadium and is FTX.US’ first college-related cryptocurrency naming rights sponsorship. The Berkeley campus is the flagship campus of the University of California system.
- Cal Athletics’ multimedia rights holder Learfield will accept the payment in cryptocurrency on behalf of the university.
- FTX has been on a sports and e-sports sponsorship spending spree this year. In March, the exchange secured the naming rights to the home arena of NBA team Miami Heat for a reported $135 million, while in June, the exchange paid $210 million to acquire the naming rights for e-sports organization TSM.
- The latest deal involves FTX featuring its branding on press backdrops and launching a platform with Cal Athletics to support philanthropic projects.
- FTX has a connection to Cal Athletics through Chief Operating Officer Sina Nader, who is a Cal alumnus and was a walk-on member of the football team. "We're excited to partner with one of the world's great universities and expand crypto's presence into the collegiate athletics landscape," Nader said in a press release.
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