Premier global esports organization, Team SoloMid (TSM) has signed a multi-year partnership deal split between FTX Trading Limited owners and operators of FTX.com and FTX.US respectively which is worth reported to be around $210 million. As per reports, this historic deal has been signed for 10 years, making it the most expensive E-sport sponsorship deal.
Sam Bankman-Fried, Founder and CEO of both FTX.com and FTX.US, said, “We’re really excited to work with TSM. Their team has gone above and beyond both in-game and out, and rightfully established itself as the premier team in esports. We’ve also been really impressed working with them: they have the drive, creativity, communication, and generosity that we find combined in very few places.”
The deal also involves naming rights. The E-sports organization has now changed its name to TSM FTX as part of the deal with Hong Kong-based FTX, which stands for Futures Exchange. The team will compete as TSM FTX in e-sports tournaments of various games like VALORANT, Apex Legends.
With this money, the organisation is looking to expand globally, including new offices in Asia, Europe, and South America. They are also willing to invest in mobile gaming and other platforms. It is also purchasing $1 million of FTX Token (FTT) to distribute among its employees and players.
FTX also partnered up with NBA team Miami heat. The deal is reported to be around $135 million for 19 years. FTX paid for naming rights to the home arena of the NBA’s Miami Heat. According to Forbes, TSM is ranked as the most valuable esports organization in the world with a valuation of $410 million.
TSM halted their operations in India after the Government of India decided to ban PUBG Mobile. At one point, the team was also looking to stop their operations in the country, but there were hints that the game might come back with an Indian version.