Riot wants out of its FTX deal, but also indicated that it would like another crypto-focused sponsor to take its place.
reported on the agreement between Riot and FTX last August. The sponsorship deal was set to last for seven years, with FTX branding displayed prominently during LCS events. Riot did not publicly disclose the price of the deal at the time, but did indicate that it was the largest such esports sponsorship the company had ever secured.
FTX was one of the largest cryptocurrency exchanges in the world and had a well-curated public image. You may remember the company's ad featuringat the Superbowl, something that was kinda funny but mostly sad at the time, and is now absolutely hilarious in hindsight. At the time of writing, FTX still holds naming rights to Miami's FTX Arena , the home of the Miami Heat.
Internal documents showing massive discrepancies in FTX's bookkeeping leaked to the public last month, with mass withdrawals from customers and a declaration of bankruptcy following soon after. Bankman-Fried had continued to run PR damage control before eventually stepping down from his position as CEO thenFTX is virtually insolvent, but according to Riot's motion still owes the company half of its $12.5 million payment for 2022.
Humorously, Riot points to Sam Bankman-Fried's infamous League of Legends habit as a particular sticking point."Media outlets and Twitter commentators splashed images of Mr. Bankman-Fried playing League of Legends—Riot's game—at the same time that FTX was crashing," the motion reads.
It's hard to imagine this motion not being sustained—there's simply no universe in which FTX could pay Riot what it already owes, let alone be in a position to sustain multi-million dollar esports sponsorships ever again.
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