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„League of Legends“ maker Riot Games wants out of a $96 million sponsorship deal with bankrupt cryptocurrency firm FTX.
Last week, the company cited „reputational harm“ in a court filing, in which it outlined the terms of the deal.
In exchange for placement of the FTX logo on Riot Games‘ marketing materials, FTX was to pay the company roughly $96 million over the course of seven years, 2022 through 2028 — including $12.5 million this year, of which it still owes half.
But now Riot wants to terminate the agreement amid FTX’s collapse and its cofounder and former CEO Sam Bankman-Fried’s arrest earlier this month for numerous fraud-related charges. If the deal is terminated, it is unclear what FTX’s remaining financial responsibilities will be.
