In Chapter 11, financial advisers examine the possibility of reclaiming millions of dollars paid to celebrities and professional teams for their endorsements of Sam’s cryptocurrency platform before it collapsed.
FTX Paid Millions to Professional Athletes and Teams According to FTX’s disclosures, approximately $4.9 million was paid to MLB, Major League Baseball, National Basketball Association, and Formula 1.
The company also revealed 12.2 million in payments to Formula 1 partners, including Mercedes-AMG Petronas.
Many of these payments were made as prepayments for advertising or sponsorship agreements, but the exchange has cautioned that the financial disclosures may not be comprehensive due to a lack of detailed record-keeping.
Former CEO John J. Ray III admits that the company did not have reliable financial information at the time of filing for Chapter 11.
👋 Feeling the vibes?
Keep the good energy going by checking out my Amazon affiliate link for some cool finds! 🛍️
If not, consider contributing to my caffeine supply at Buy Me a Coffee ☕️.
Your clicks = cosmic support for more awesome content! 🚀🌈
Leave a Reply