University of California Berkeley ( UC Berkeley), FTXsuspended its stadium naming rights agreement with
Popular cryptocurrency exchange of FTX Its shocking collapse continues to reverberate globally. After the exchange declared bankruptcy, many organizations began to withdraw from joint deals. Investing outside the crypto industry FTX resulted in million-dollar deals. The exchange had recently filed a section 11 application. With this application, loss-making partnerships were suspended. After the Miami Heat suspended their sponsorship deal, UC Berkeleyalso canceled the deal.
UC Berkeley Relinquishes FTX Name Rights
from the University of California Berkeley ( UC Berkeley) a representative, FTXreported that the football stadium naming rights agreement with the company has been suspended.
in the USAThe duration of this naming right agreement with the university 10 year was determined. However, after the recent events, the agreement was only 450 took days. Sponsorship, in August of last year 17.5signed for millions of dollars.
Also, the sponsorship payment was fully paid in cryptocurrency. of FTX, its first partnership in collegiate sports was with UC Berkeley.
As a result of the agreement, the football team of the university Cal’sthe name of the stadium FTX Fieldit happened.
