On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including the cascading fallout following the collapse of the FTX cryptocurrency empire.
One of the world’s largest crypto exchange platforms, FTX filed for bankruptcy Friday following a collapse that rocked the entire industry. The company has sports investors, like Steph Curry and Tom Brady, and a number of prominent sports sponsorships. On Friday, Sportico published a detailed account of the negotiations and due diligence that led up to the company’s $135 million deal to put its name on the Miami Heat arena. FTX also has deals in college sports, esports and MLB.
It’s just the latest crypto platform whose financial collapse has left sports partners in the lurch. The hosts discuss how these deals come together, and why many teams might not be as upset as many would assume.
Lastly, the hosts run through a series of other stories, including the legal fight between the New York Jets and now-shuttered Fubo Gaming; a Sportico story about pro athletes swindled by an upstart social media platform; and new jobs for industry vets David Levy, Chris Weil and Scott O’Neil.
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