FTX buys Cal Memorial Stadium naming rights
FTX has acquired the naming rights of The Cal Memorial Stadium for ten years after buying the naming rights to the Miami Heat arena in March
The Cal Golden Bears will play its games at a newly named FTX Field
After signing a $17.5 million, 10-year naming rights deal with the university, it was clear FTX would play an even bigger role in the sports world. The stadium's home team, the Cal Golden Bears, will play its games at the newly named FTX Field this football season.The Cal Memorial Stadium is located in Alameda County, the namesake of Bankman-Fried, the trading firm Alameda Research and the $17.5 million will also be paid to the university in cryptocurrency.
FTX Chief Operating Officer Sina Nader was a member of the Golden Bears during his studies. The founder and Chief Executive Officer, Sam Bankman-Fried, is also a former student.
FTX seems to value partnerships in the sports industry
In March, FTX.US agreed to a naming rights deal with the basketball team Miami Heat. As part of the partnership, the team's home stadium was renamed FTX Arena. But it didn't stop there, as the exchange is also the official sponsor of Major League Baseball (MLB). As part of the sponsorship deal, which is expected to last at least five years, every MLB player will wear an FTX patch on their uniform.Not only does FTX see value in sports, but it has also established partnerships in esports. FTX had paid $210 million for the naming rights to esports organization TSM. The gaming organization has now changed its name to TSM FTX, and the exchange also supports the professional LCS esports league for Riot Games.
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