Mercedes F1 Dump FTX
The Mercedes team on Friday confirmed they had suspended a sponsorship deal with crisis-hit crypto currency exchange FTX and had removed the company’s logos from their cars ahead of this weekend’s Sao Paulo Grand Prix.
A team spokesperson said their partnership had been suspended and all visual branding on their cars would no longer appear. FTX had been left scrambling to raise billions of dollars to avoid collapse.
FTX, seen as a key sponsor at Mercedes, filed for bankruptcy hours after the deal was suspended and now faces an investigation by American regulatory authorities into alleged misuse of customer deposits.
The firm was plunged into crisis when a proposed rescue deal with Binance, a company that sponsors Formula One rivals Alpine, collapsed.
Mercedes signed a sponsorship deal with FTX in September, 2021 when they were the reigning champions.
“As a first step, we have suspended our partnership agreement with FTX," said Mercedes spokesperson.
“This means the company will no longer appear on our race car and other branded assets from this weekend. We will continue to monitor closely the situation as it evolves."
The FTX logo had previously been conspicuous on the rear wing of the Mercedes cars.
BVNK: The $1.8 Billion Stablecoin Deal Reshaping Global Payments
Larry Fink Called It. CME Just Made It Real. The Compute Futures Market Has Arrived
The Quantum-AI Convergence Is Real. The Quantum Stocks Aren't the Trade.
Saudi Arabia Climbs to 2nd in G20 ICT Regulatory Index
Every story, signed and delivered.
Subscribe to the kxco channel and get the headline, the AI-written key takeaways, and the chain-anchor link the moment we publish. Audio versions and per-ticker subscriptions arrive in the next iteration.