E-sports team SoloMid, also known as TSM, signed a $210 million deal today with FTX, a cryptocurrency company, for the rights to change the team’s name. With this agreement, TSM will now be known as “TSM FTX,” with FTX branding on team jerseys and team social media accounts.
However, FTX’s trademarks will not be displayed on the League of Legends and Valuable substance teams follow Riot Games’ strict regulations regarding cryptocurrency and sponsorship.
TSM is now considered one of the leading competitive esports companies in the world, with teams active in the majority of eSports sectors such as League of Legendary, Fortnite, and Rainbow Six Surround.
The deal between the Hong Kong-based crypto company and TSM guarantees that the e-sports team will be paid $210 million over the course of 10 years in exchange for FTX changing the team name to “TSM FTX.” The last time TSM had a similar deal, Qualcomm renamed the team “TSM Snapdragon” in 2013.
This agreement does not rebrand TSM teams competing in the LCS (League Championship Series) for League of Legends or to compete Valuable substance. Riot Games, the developers of these games, have strict rules about what esports teams are allowed to sponsor. It does not accept team-specific sponsorships from gambling, crypto, or alcohol-related companies.
Based on Dot eSports, this exclusion was set while the transaction was being created. TSM FTX’s branding will be maintained for teams playing esports games from Riot Games, right outside of Riot Games’ official broadcasts.