Riot Games is trying a rescue from itself Partnership with FTX. On Friday, the studio filed a motion with the court overseeing FTX’s bankruptcy case to end the seven-year sponsorship agreement the two companies .
Crypto critic and I briefly spotted it. Web3 is doing great Creator (via Riot states that the exchange still owes half what it agreed to pay 2022 in order to allow the studio to display FTX branding on LCS events. Riot says the disgraced company will owe it $13million more in 2023. Its first quarterly payment is due on January 2, 2019. FTX’s yearly payments to Riot are scheduled to increase through the end of their agreement in 2028.
Riot also holds a personal stake. Riot was arrested in the case more than a year ago. Sam Bankman Fried, FTX founder, and former CEO he was “(in)famous for playing League of Legends while on phone calls.” SBF’s gaming habit became something of a joke when it came out that he .
“Images of Mr. Bankman-Fried playing League of Legends They were displayed with text that described his sloppy attitude to investor meetings and recklessness regarding corporate funds. These images created a public narrative that Mr. Bankman Fried’s interest in League of Legends Riot says that Riot was once humane and relatable, but now he is reckless and juvenile.” “Even Mr. Bankman-Fried’s ranking in League of Legends This has been the topic of online commentary with public figures and Elon Musk weighing in.”
You might be wrong to think Riot is willing to swear off crypto due to one major implosion. The studio is asking a court for a revocation of its agreement with FTX so it can continue with a new sponsorship. “The longer Riot is prevented from commercializing the crypto exchange sponsorship category and the broadcast assets currently owned by FTX, the more damages Riot incurs.” Here’s hoping the studio doesn’t find itself in a similar situation sometime in the future.