“TSM Is Built on a Solid Foundation” – Esports Organization TSM Propagates Assuring Words After Its $210 Million Sponsor, FTX, Files for Bankruptcy

Lately, cryptocurrency has been facing a massive dip in the market. Consequently, this has led to the entities attached to it getting drastically affected. Recently, the cryptocurrency exchange, FTX, announced it to be filing for bankruptcy. And TSM has declared the future of its association with FTX.

FTX is a Bahamian cryptocurrency exchange. The company has been closely affiliated with some of the biggest companies in the world. From MLB to investing in Formula One racing team Mercedes-AMG Petronas, the company has been closely associated with many entities. Notably, the company also stated its interest in the eSports field.

FTX has been an avid contributor to the video gaming community. As reported by Business Insider, FTX invested in Riot Games’ North American League of Legends Championship Series. Furthermore, the company had also been associated with the reputed eSports gaming platform Nerd Street Gamers.

Read More: $15.6 Billion Man and FTX CEO Lands in Troubled Waters Over Massive League of Legends Controversy

Recently, through their Twitter account, FTX declared a press release. In the press release, the company reflected on the situation regarding its move of filing for bankruptcy. Moreover, they also announced that Sam Bankman-Fried would be resigning as the CEO. Thus, John J. Ray III will be taking the role of the CEO forward. Following this, TSM has declared the future of the company’s partnership with FTX.

TSM informs the people about their affiliation with FTX after it filed for bankruptcy

To give a brief, TSM is a reputed eSports organization that avidly participates in events of games like Valorant, Apex Legends, and Dota 2. As reported by The New York Times, FTX and TSM had shaken hands on a $210 million deal. According to the deal, TSM had agreed to change their name to TSM FTX and was subjected to get the payment over a span of 10 years.

Recently, the Twitter account GUARD Hunter (@HUN2R) tweeted, “TSM has addressed their naming rights sponsor, FTX, filing for bankruptcy. They say they are financially stable still. This comes after announcing their $210M deal last June.”

In a photo attached to the tweet, one can see the statement of the eSports organization TSM. They said, “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. We are currently consulting legal counsel to determine the best next steps to protect our team, staff, fans and players.”

Furthermore, they said, “To be clear, 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. We look forward to a great year in 2023.”

All in all, it can be said that TSM would surely be looking for legal counsel for a hassle-free process. Above all, the eSports organization has given assuring words to the community. Hence, only time shall reveal the future that lies ahead.

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