ESPORTS NEWS: TSM Inks $210 Million Deal with Cryptocurrency Platform FTX

Team Solomid FTX eSports

Esports organization Team SoloMid, more commonly known as TSM, announced today that it had sold its naming rights to Hong Kong-based cryptocurrency trading platform FTX.

TSM has now officially rebranded its team name as TSM FTX. In a press release, TSM stated that FTX would pay $210 million over the course of the next 10 years in exchange for the naming rights. 

On Twitter, TSM touted the deal as the “largest in esports history,” but the sale of the organization’s naming rights is nothing new. In 2013, microchip manufacturer Qualcomm acquired the esports team’s naming rights, and they became known briefly as TSM Snapdragon. 

esports news team solomid ftx
Esports’ Team SoloMid singed its new sponsorship deal with cryptocurrency company FTX.

While FTX’s branding will appear on TSM’s official social media, jerseys, and more, it will not appear in any capacity on the team’s Valorant and League Of Legends squads. This is due to developer Riot Games, which has strict rules and bylaws explicitly prohibiting advertising and sponsorship from cryptocurrencies, alcohol, or gambling-related companies.

Esports giant TSM expected ban on the use of new sponsor name

The ban on FTX’s branding did not come unexpectedly, and according to Dot eSports, was accounted for in the original naming rights negotiations. 

TSM is one of the largest gaming organizations globally, with teams competing in games from League of Legends to Fortnite, Rainbow Six Siege, and more. A deal of this size could pave the way for similar sponsorships of growing proportions in the future.