Collapsed FTX Sought $100M Sponsorship Offer With Taylor Swift: Report

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Regarded for its numerous higher-profile partnership agreements with stars and sporting activities stars, the now-bankrupt crypto exchange FTX achieved the late phases of negotiating a sponsorship offer worthy of additional than $100 million with Taylor Swift.

In accordance to a Fiscal Instances report citing people familiar with the make any difference, the abortive deal reportedly revolved about a probable tour sponsorship and integrated a ticketing arrangement with digital certificates in the sort of non-fungible tokens (NFTs).

1 previous FTX personnel reportedly explained that the trade had sought a “light diploma of endorsement” from Swift on social media—though Swift herself, in accordance to a person close to the discussions, never ever contemplated agreeing to endorse the exchange.

Aside from sponsorship preparations with person stars, FTX also put in hundreds of thousands and thousands of pounds on higher-profile advertising campaigns, signing promotions with the NBA’s Miami Warmth and Golden State Warrior, Significant League Baseball, the NHL’s Washington Wizards and Capitals, as properly as esports giant TSM.

FTX senior execs opposed the deal

Conversations, which started in autumn 2021, collapsed this spring, though—presumably substantially to the relief of FTX’s more experienced senior executives who clashed with Bankman-Fried and his internal circle as the latter favored the deal.

“No one particular actually appreciated the offer. It was way too costly from the starting,” a person man or woman common with the make a difference explained to the Money Situations.

According to them, the deal’s rate tag was “very high . . . really fucking superior. Which is entrance of the soccer jersey level prices.”

These opposing the offer reportedly involved many customers of the FTX promoting group, as effectively as FTX.US president Brett Harrison and FTX.US typical counsel Ryne Miller, previously a Sullivan & Cromwell partner, each of whom urged Bankman-Fried to ditch the talks.

Other people today also reportedly doubted that Swift, who not long ago became the first feminine artist in heritage to devote 60 consecutive months at quantity 1 on the Billboard 200 chart, would add benefit to the FTX person foundation.

Bankman-Fried, who stepped down as FTX CEO on the same day as the exchange and its affiliated companies submitted for personal bankruptcy, is currently being investigated by the SEC and DOJ. He has not been charged.

When worth $26 billion, Bankman-Fried not too long ago stated in an job interview that he only had $100,000 of his fortune left.

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