FTX collapse: Tom Brady, Stephen Curry, Shohei Ohtani amongst sports activities figures set to doubtlessly lose cash

The cryptocurrency market was rocked Friday by the collapse of FTX, which filed for chapter and noticed CEO Sam Bankman-Fried resign after his belongings plummeted in value from $16 billion at first of the week to nearly nothing. The autumn of FTX, which had been hailed as a trusted crypto platform, is ready to have main penalties for its buyers, a number of of whom are main figures on the sector and within the enterprise of sports activities.

One such outstanding investor is Tom Brady.

The Tampa Bay Buccaneers QB and his now ex-wife Gisele Bundchen are among the many celeb buyers in FTX, as the two were announced as having taken major equity stakes in the company in 2021. He has served as a model ambassador for the corporate and starred in its commercials, receiving cryptocurrency in return, whereas Bundchen was named the corporate’s environmental and social initiatives adviser. 

Brady and FTX’s different main buyers have now doubtless misplaced most if not all of their stake within the firm, notably after a deal for cryptocurrency big Binance to rescue FTX fell through after a review of the company’s finances.

Brady is much from the one athlete and sports activities determine that’s more likely to take a significant monetary hit from FTX’s downfall.

These three are a part of a gaggle of prominent athletes with FTX ties that additionally consists of NBA legend Shaquille O’Neal, Jacksonville Jaguars quarterback Trevor Lawrence and Boston Red Sox nice David Ortiz.

FTX has main sponsorship and enterprise offers with groups and leagues as properly. Final December, FTX entered a $10 million worldwide sponsorship with the Warriors, giving the model a significant presence all through Chase Heart and the franchise’s G League and NBA 2K groups. FTX additionally held the naming rights to the Miami Heat’s residence area and was a sponsor of Mercedes’ Components 1 staff.

On Friday night, the Warmth, together with Miami-Dade County, released a statement saying they’re terminating their relationship with FTX and at the moment are searching for a brand new naming rights associate for his or her area.

In Brady’s case, FTX’s collapse and its doubtless impact on his funds is the most recent hit to his private {and professional} backside traces. Late final month, Brady and Bundchen announced they finalized their divorce.