Crypto exchange FTX buys naming rights to Cal Memorial Stadium.The ‘FTX Field’ name is part of a 10-year, $17.5 million deal
The Cal Golden Bears will play their home games at the newly renamed FTX Field this football season after the California university signed a 10-year, $17.5 million naming rights deal with cryptocurrency exchange FTX.US. So tells Bloomberg
It’s the latest sports deal and second naming rights deal for FTX, which was valued at $18 billion in its latest round of fundraising. The NBA’s Miami Heat now play at FTX Arena since FTX bought the rights in March; the company is also the official cryptocurrency exchange of Major League Baseball. Football star Tom Brady
took a stake in the company earlier this year as part of a long-term partnership.
New source of revenue for the university
FTX COO Sina Nader was a member of
when he was a student; the founder and CEO’s father, Sam Bankman-Fried, is also an alumnus. The deal represents a new source of revenue for the university, which has been heavily subsidizing its athletic department for years.
On behalf of the university, Learfield, which holds the multimedia rights to Cal Athletics,
will accept payment in cryptocurrency.
Considered one of the finest stadiums in the United States, Cal Memorial is listed on the National Register of Historic Places. It is located in Alameda County, which gives its name to Bankman-Fried’s business venture, Alameda Research.
The deal marks the first sponsorship agreement between a university athletics department and a cryptocurrency exchange, according to the university.
Cal has no plans to accept crypto payments at this time, but, according to the university,will“consider how it can introduce them when the time is right.”
“We believe we’ve found a great partner in FTX,” Cal athletic director Jim Knowlton told The Mercury News. “FTX is a growing company at the forefront of innovation in an emerging technology.
People, which fits well in both California and the Bay Area. This agreement extends well beyond on-field naming rights, which is part of our strategic plan to diversify revenue streams in support of our student-athlete experience.”
As part of the agreement, FTX will provide support to the Cameron Institute for the Development of California Student-Athletes. It will also donate $200,000 to fight homelessness in Berkeley and support “organizations that help underrepresented student groups at UC Berkeley,” Nader explained.
FTX continues to grow
This month we reported that the FTX exchange now had Shark Tank star Kevin O’Leary as an ambassador. Also this month we told that the exchange was awarding scholarships for the Axie Infinity crypto game. In July, the exchange raised USD $900 million in a new round of funding.
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