The University of California Berkeley (UC Berkeley) has suspended its stadium naming rights agreement with FTX.
The shocking collapse of the popular cryptocurrency exchange FTX continues its repercussions globally. After the exchange declared bankruptcy, many organizations began to withdraw from joint deals. FTX, which also invests outside the crypto industry, has caused million-dollar deals to be left in the middle. The exchange had recently filed a section 11 application. With this application, loss-making partnerships were suspended. After the Miami Heat suspended its sponsorship deal, UC Berkeley also canceled the deal.
UC Berkeley Relinquishes FTX Name Rights
A representative from the University of California Berkeley (UC Berkeley) reported that the football stadium naming rights agreement with FTX has been suspended.
The duration of this naming rights agreement with the university in the USA was determined as 10 years. But after the recent events, the deal only lasted 450 days. The sponsorship was signed for $17.5 million in August of last year.
Also, the sponsorship payment was fully paid in cryptocurrency. FTX’s first partnership in collegiate sports was with UC Berkeley.
As a result of the agreement, the name of the stadium of Cal, the university football team, became FTX Field.
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