UC Berkeley Suspends Stadium Naming Rights Deal With FTX
The 10-year deal is the latest to fall through in the wake of the crypto exchange’s bankruptcy filing.
The University of California Berkeley has suspended its football stadium naming rights deal with FTX, a representative of the athletic department confirmed in a statement to CoinDesk.
The deal was originally planned for 10 years and lasted just 450 days. The sponsorship was inked in August 2021 for $17.5 million. It was paid entirely in cryptocurrency and was the exchange’s first partnership in college sports. With the deal, Cal's football stadium was named FTX Field at California Memorial Stadium.
A UC Berkeley spokesperson declined to comment on which cryptocurrencies were a part of the deal. The end of the partnership comes on the heels of FTX’s bankruptcy filing submitted last week.
While FTX logos have been removed from the sidelines of the school’s football field, the logo remains prominently on the front page of the athletic department’s website.
The crypto exchange, which spent heavily on sports-related partnerships in the past two years, has seen several of its sponsorship deals fall through in the wake of its collapse, including its 19-year, $135 million stadium naming rights deal with the National Basketball Association’s Miami Heat and $210 million esports partnership with gaming brand TSM.
Earlier this week, videos of a grounds crew wiping the FTX logo from the football field made the rounds on Twitter, indicating movements to remove the partnership had begun before the school’s official statement.
On Nov. 11, a representative from the school’s athletic department called FTX “a great partner for Cal Athletics,” saying it was monitoring the situation closely.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.