Esports team SoloMid, also known as TSM, today struck a $210 million dollar deal with FTX, a cryptocurrency company, for the rights to rename the team. With this deal, TSM will now be known as “TSM FTX”, with the branding of FTX on team jerseys and on the team’s social media accounts.
However, the FTX branding will not be displayed on the League of Legends and give importance to Strict rules on cryptocurrency and sponsorship of Riot Games per teams.
TSM is currently considered one of the top competitive esports companies in the world, with teams active in most of the esports scene, such as the League of Nations. Legendshandjob fortnite, and Rainbow Six siege.
The deal between the Hong Kong-based cryptocurrency company and TSM ensures that the esports team will be paid $210 million over the course of 10 years in exchange for FTX changing the team’s name to “TSM FTX”. The last time TSM struck a similar deal, Qualcomm changed the name of the team to “TSM Snapdragon” in 2013.
The deal does not change the branding for TSM teams that are playing in the LCS (League Championship Series). League of Legends or a competitor give importance to. Riot Games, the developer of these games, has strict rules about what sponsor teams are allowed to take. It does not condone team-specific sponsorship from companies related to gambling, cryptocurrencies, or alcohol.
According to dot eSports, this exclusion was established at the time the deal was being made. The TSM FTX branding will be retained for teams playing esports games from Riot Games, just outside of Riot Games’ official broadcast.