Another high-profile FTX stadium naming rights deal is reportedly cratering amid the exchange’s meltdown and bankruptcy.
Front Office Sports reports that the University of California at Berkeley suspended its partnership with FTX, which held naming rights on the soccer field at California Memorial Stadium since August 2021.
UC Berkeley isn’t the first sports partner to pull out of the trade. Last week, Miami-Dade County and the Miami Heat announcement they would take steps to end their relationship with FTX. The exchange had previously secured the naming rights to the Heat’s basketball arena in March 2021 after entering into a 19-year partnership.
FTX filed for bankruptcy earlier this month amid accusations that the exchange’s high-profile former CEO Sam Bankman-Fried mismanaged the company’s funds by loaning billions of dollars from customer deposits at Alameda Research, the trading arm of FTX.
John Ray III replaced Bankman-Fried as CEO after the former chief executive resigned. In another bankruptcy depositsRay says the platform suffered from compromised systems, faulty regulatory oversight, and leadership made up of “potentially compromised individuals.”
The U.S. House of Representatives Financial Services Committee also reportedly plans to hold a hearing in December to investigate the collapse of FTX.
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Feature image: Shutterstock/Mia Stendal