Some competitive sports teams sell the naming rights to their stadiums, but what about esports teams that don't have stadiums? That means selling the name of the Team, which is exactly what one longtime North American esports Team, Team Solomid, plans to do. TSM has signed a ten-year, $210 million naming deal with cryptocurrency trading site FTX, and the team will change its name to TSM FTX.
According to the esports club, the money will be used to expand the team to other platforms, particularly mobile game, and to open new offices in other parts of the world.
The agreement also states that TSM FTX will buy $1 million worth of the FTX organization's currency, the FTT, and will "distribute virtual currency to every player and employee."
Sam Bankman-Fried, Founder and CEO of FTX, said: "We are delighted to be partnering with TSM. Their team is well known both inside and outside the game, and is one of the top teams in esports. Working with them, we also found that they are very driven, innovative, effective communicators and generous."
TSM was founded in 2009 by "Reginald" Andy Dinh at the age of 17, and the team has worked on a number of eSports titles, including League of Legends, Rainbow Six: Siege, and most recently Valorant.
But you can't change your name if you want to.
In Riot's North American eSports events, TSM is not allowed to add the suffix FTX to the team name. Chris Greeley, interim director of League of Legends North America Series, said that while the deal does not violate the rules of the LCS, "cryptocurrency exchanges fall into the sponsorship category with activation restrictions." As a result, as Greeley explained to the press, "TSM's new name and FTX logo on TSM uniforms are not in compliance with the regulations of LCS and other Riot games in North America."