Riot Games Wants Out Of Its Exclusive Sponsorship Deal With FTX
The maker of League of Legends, Riot games, wants out of its sponsorship deal with FTX. After FTX’s bankruptcy, more than $6 million is in arrears, allowing Riot to end the deal while the gaming company is able to seek another cryptocurrency exchange as a sponsor.
Riot Games stated in a late Friday filing in FTX’s bankruptcy lawsuit that its relationship with FTX caused it substantial reputational injury. The company, which was the game’s sole cryptocurrency exchange sponsor, sought the bankruptcy court supervising FTX’s case to order the collapsed crypto firm to cancel its contract with Riot, or, if the exchange refuses, to let Riot do so.
This will cost the gaming firm $12 million each year for the duration of the deal. Riot expected $12.5 million from the contract this year, but more than $6 million is already owed due to FTX‘s bankruptcy. All of thereof would potentially help Riot terminate the agreement and also enable the firm to seek sponsorship from another bitcoin exchange.
However, the gaming company appears to not be concerned about the money too much.
There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing, FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse.
The company said in its filing with the U.S. Bankruptcy Court for the District of Delaware
For those unaware, Bankman-Fried bragged about his love of the game on Twitter and in interviews by playing it throughout media interviews and even a venture capital investment round meeting.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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Riot Games Wants Out Of Its Exclusive Sponsorship Deal With FTX
The maker of League of Legends, Riot games, wants out of its sponsorship deal with FTX. After FTX’s bankruptcy, more than $6 million is in arrears, allowing Riot to end the deal while the gaming company is able to seek another cryptocurrency exchange as a sponsor.
Riot Games stated in a late Friday filing in FTX’s bankruptcy lawsuit that its relationship with FTX caused it substantial reputational injury. The company, which was the game’s sole cryptocurrency exchange sponsor, sought the bankruptcy court supervising FTX’s case to order the collapsed crypto firm to cancel its contract with Riot, or, if the exchange refuses, to let Riot do so.
This will cost the gaming firm $12 million each year for the duration of the deal. Riot expected $12.5 million from the contract this year, but more than $6 million is already owed due to FTX‘s bankruptcy. All of thereof would potentially help Riot terminate the agreement and also enable the firm to seek sponsorship from another bitcoin exchange.
However, the gaming company appears to not be concerned about the money too much.
There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing, FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse.
The company said in its filing with the U.S. Bankruptcy Court for the District of Delaware
For those unaware, Bankman-Fried bragged about his love of the game on Twitter and in interviews by playing it throughout media interviews and even a venture capital investment round meeting.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Thana
Coincu News
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