Esports Team SoloMid, also knows as TSM has signed a $ 210 million deal with cryptocurrency FTX for the rights to change the team name. Under the agreement, TSM will now be known as “TSM FTX” with FTX branding on the team jersey and the team’s social media accounts.
However, FTX branding will not be displayed on the League of Legends and Valorant teams in accordance with strict regulations on sponsorship of cryptocurrency and Riot Games.
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TSM is currently considered one of the top competitive sports companies in the world, with teams active in many sporting scenes such as League of Legends, Fortnite, and Rainbow Six Siege.
The agreement between the Hong Kong-based cryptocurrency company and TSM guarantees that the FTX team will be paid $210 million over a period of 10 years in exchange for changing its name to “TSM FTX”. The last time TSM signed a similar deal was when Qualcomm changed the team name to “TSM Snapdragon” in 2013.
This agreement does not change the branding of TSM teams playing in the LCS (League Championship Series) for the League of Legends or for the competing Valentine. Riot Games, the developer of these games, has strict rules on who is allowed to select sponsorship teams. It does not condone team-specific sponsorship from gambling, cryptocurrencies, or alcohol-related organizations.
According to Dot Esports, this exclusion was established while the deal was being created. TSM FTX’s branding will be maintained for the teams playing esports games from Riot Games, just outside of Riot Games’ official broadcasts.
