FTX is restructuring its team and actively seeking funds, aiming to recover endorsement fees from celebrities and groups such as O'Neal.
Despite facing criticism for delaying the bankruptcy process and incurring high professional fees, FTX continues to seek funds through improper expenses before bankruptcy.
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FTX Traces Celebrity and Group Endorsement Fees
FTX's revamped team submitted a 180-page legal document on August 31, which includes details of payments of millions of dollars in endorsement fees to celebrities and prominent athletes, including:
NBA Golden State Warriors: $417,000
NBA Miami Heat: $260,000
MLB player David Ortiz: $270,000
NFL star Trevor Lawrence: $205,000
NBA star Shaquille O’Neal: $749,000
Japanese tennis player Naomi Osaka: $308,000
Additionally, there are several expenditures in the millions:
Fortune Magazine: $2.56 million
GameStop: $1.85 million
Kevin O’Leary: $2.348 million
- California music festival Coachella: $1.98 million
MLB affiliate media MLB Advanced Media: $2.142 million
The document indicates that this may be the amount that FTX may seek to recover, but the final amount may differ significantly from the figures listed in the report.
In addition to potential retroactive endorsements, many celebrities are also facing class-action lawsuits at FTX.
FTX Endorsers Also Face Class-Action Lawsuits
Previously reported, NFL quarterback Tom Brady, NBA star Stephen Curry, Shohei Ohtani, and others are potentially within the scope of the class-action lawsuits.