Prosecutors present new evidence: FTX sponsors nearly $200 million in League of Legends and prominent music festivals
Federal prosecutors in the SBF case have fully disclosed dozens of sponsorship agreements signed by FTX during the cryptocurrency bull market, in an attempt to prove SBF's series of disastrous financial decisions and reckless spending.
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FTX Sponsors League of Legends for Nearly $100 Million
According to legal documents cited by The Block, FTX had previously entered into a sponsorship agreement with the developer of League of Legends, Riot Games, agreeing to pay nearly $100 million over seven years.
However, following FTX's declaration of bankruptcy, Riot Games also filed a motion with the court at the end of last year to terminate the seven-year sponsorship deal.
FTX Enters Summoner's Rift! Sponsors Seven-Year LoL Championship Series, FTX Branding to be Featured in Live Matches
FTX Music Festival also to Spend $60 Million
FTX has also decided to sponsor the Tomorrowland music festival for approximately $42 million by 2026, which is recognized as the world's largest and most famous electronic music event.
Additionally, the Coachella music festival held annually in Southern California has signed a sponsorship deal worth $25 million with FTX.
Previously, the restructuring team listed a large number of celebrity and group endorsement fees for FTX, including:
Fortune Magazine: $2.56 million
GameStop: $1.85 million
Kevin O'Leary: $2.348 million
- Coachella Music Festival: $1.98 million
MLB-affiliated media MLB Advanced Media: $2.142 million
FTX Restructuring Team Actively Seeking Funding, Will Pursue Endorsement Fees from Celebrities and Groups Including O'Neal
Currently, the top three former executives of FTX/Alameda and key witnesses have appeared in court one after another. It is not yet clear whether Ryan Salame will also become a prosecution witness, and at present, the SBF defense team seems to have no advantageous counterattack.
Former FTX CEO Salame Will Plead Guilty to Criminal Charges, Increasing Pressure on SBF to Plead Guilty