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FTX Takeover Could Jeopardize a Ton of Sports Sponsorships

FTX Arena in Miami, Florida, on Oct. 21.

FTX Arena in Miami, Florida, on Oct. 21.

Photographer: Megan Briggs/Getty Images

FTX.com’s sale to rival Binance Holdings Ltd. could jeopardize a long list of sports partnerships around the world.

The cryptocurrency exchange led by billionaire Sam Bankman-Fried inked a $135 million, 19-year agreement last year for naming rights to the Miami Heat’s basketball arena. Major League Baseball umpires wear patches with the company’s logo under a sponsorship deal, and FTX has a long-term partnership with Formula 1 racing team Mercedes-AMG Petronas.