Professional esports organisation Team SoloMid (TSM) has assured fans that it is financially secure and profitable despite the folding of one of its major sponsors, FTX.
FTX is a cryptocurrency exchange company based in the Bahamas. It was founded three years ago by Sam Bankman-Fried and Gary Wang.
Three days ago, FTX filed for bankruptcy as its CEO, Bankman-Fried left the cryptocurrency company.
Following the bankruptcy announcement, TSM addressed their financial status on their official Twitter page yesterday, saying they were still a profitable organisation and financially stable.
“Along with the rest of the world, TSM has been closely following the situation surrounding FTX. We have no insight into the matter other than what has been reported publicly,” the statement read.
The esports organisation is also seeking legal advice to determine the next best step to protect their team, staff, fans, and players.
“TSM is built on a solid foundation. We are stable and profitable, and we continue to forecast profitability for this year, next year, and beyond,” the statement also read.
TSM Statement on FTX pic.twitter.com/nbiCCnciNF
— TSM FTX (@TSM) November 13, 2022
FTX struck a deal with TSM in a 10-year US$210 million naming rights deal on June 4, 2021. The deal resulted in TSM officially changing its name to TSM FTX. The deal was also one of the largest sponsorship deals to have ever been disclosed publicly in the history of esports.
It is unclear whether the organisation will retain FTX as part of its name, or change it back to it former name, TSM.
