Riot Games Creator League of Legends Or LOL, Sam Bankman-Fried’s favorite game. I want to terminate my sponsorship agreement with FTX.
Riot Games said it had suffered severe reputational damage from its partnership with FTX, the game’s exclusive sponsor. After asking the bankruptcy court overseeing FTX’s case to force the crypto firm to terminate its contract with Riot or if the exchange refuses. Then asked to allow Riot to terminate the deal.
To terminate the sponsorship It will cost the gaming company — $12 million per year over the seven years of the contract, with Riot saying it expects $12.5 million this year through the deal. But after FTX’s bankruptcy left more than $6 million in outstanding balances, allowing Riot to terminate the deal would allow the gaming company to seek an exchange. You can use other cryptocurrency as a sponsor.
“FTX has no way to remedy any reputational damage incurred by Riot as a result of FTX’s actions against customer funds prior to FTX’s bankruptcy filing,” the company said in its filing with the US Bankruptcy Court for the District of Delaware. Time to go back and fix the damage done to Riot after the crash.”
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