TSM has decided to cut ties with FTX entirely, following recent scandal. The long plight of FTX is far from over, and the esports organization and former naming partner has had enough.
Initially the team wanted to evaluate the situation and see how things evolve, but consistent pressure and new evidence coming to light has forced their hand. Below is a short statement that was sent out to media.
After monitoring the evolving situation and discussing internally, TSM is suspending our partnership with FTX effective immediately. This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys. This process may take some time to complete as some social platforms have made changes to their product features.
TSM is a strong, profitable and stable organization. We forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year.
While, TSM may wash their hands from being tied to the brand. The financial impact of the FTX deal falling through is yet to be known. On several occasions TSM has ensured both fans and partners that the financials and fundamentals on how the organization operates are in place. With or without the FTX partnership, TSM will survive; or so they state.
The FTX fallout is yet to be fully felt across the industry. Apart from all the users potentially losing hundreds if not thousands of dollars, there is a huge impact on both current and former partners and influences with the platform. FTX was once hailed the NFT godsent for esports organizations.