Another stadium in the pocket – FTX never stops. From now on, the Bears will play their home games at FTX Field. The deal between the California university andcryptocurrency exchange FTX.US has been set for at least 10 years.
Buying the Bears’ home field? Quite a symbol!
For FTX, this is the latest sports alliance and the second naming deal – a specific sponsorship practice that involves naming a sports venue after a brand. In April, FTX partnered with the Miami Heat legends by renaming their stadium.
Since then, the company has also been an official sponsor of Major League Baseball (MLB). Even the huge football star Tom Brady took a stake in the company earlier this year as part of a long-term partnership.
FTX.US COO (Chief Operating Officer) Sina Nader was an accompanying member of the Golden Bears as an undergraduate. FTX founder and CEO Sam Bankman-Fried‘s father is also an alum. The deal is a new source of revenue for the university, which has heavily subsidized its athletics department for years.
A partnership created to last
The deal was negotiated by Learfield, a large sports marketing company and the multimedia rights manager for Cal Athletics (California Golden Bears Football). FTX will use the cryptocurrency to pay Learfield, which will then make annual payments to Cal Athletics in fiat.
Cal Athletics has no plans to accept crypto payments at this point, but the university is “continuing to look at how it can introduce them when the time comes.”
“We believe we have found a great partner in FTX […] FTX is a growing company at the forefront of innovation in an emerging technology, which fits well both at Cal and in our region. “
Jim Knowlton, Cal Athletics Director
FTX had a connection to Cal through its chief operating officer, Sina Nader, who played defensive end for the Bears 20 years ago.
“This agreement extends well beyond field naming
rights, which is part of our strategic plan to diversify revenue streams. “Jim Knowlton, Cal Athletics Director
As part of the agreement, FTX will support Cal’s Cameron Institute for Student-Athlete Development. It will alsot a $200,000 donation to improve student living conditions at Berkeley and will support “organizations that help underrepresented student groups at UC Berkeley,” according to Nader.
The Bears reported a $3.2 million surplus in fiscal year 2020, thanks to $25 million in support from Central Campus. The budget includes an $8.5 million annual payment for the renovation of Memorial Stadium, the new FTX Field.
FTX, valued at $18 billion in its latest fundraising round, is pushing the envelope even further on its competitors and seems completely unstoppable in its ambitions. Memorial Stadium, with a capacity of 73,347, will be known as FTX Field for 10 years. This is truly a blessed year for FTX, which is playing on all fronts in 2021.
It’s hard not to agree that FTX has all the makings of a top athlete in this perpetual competition that the crypto market embodies. Come and discover the platform better and acquire and trade your first bitcoins and other cryptocurrencies by registering on FTX. You will receive a lifetime discount on your transaction fees (affiliate link).