FTX is studying whether it can recover promotion fees paid to sports stars such as O'Neal and Naomi Osaka

Odaily Planet Daily News Financial advisors hired by FTX disclosed in court documents that they have analyzed whether millions of dollars in promotional fees paid to sports stars before the company went bankrupt last November can be recovered under Chapter 11 of the bankruptcy law. Court documents show that advisers reviewed payments made to former NBA star Shaquille O'Neal, tennis star Naomi Osaka and other professional athletes and their teams to determine whether the transactions complied with regulations that would have allowed FTX to reverse its claims on Transactions that occurred before filing for bankruptcy protection. It's unclear if all of the money is recoverable or if any athletes or teams have offered to have their money returned. FTX’s disclosure describes many of the transfers to athletes, teams and leagues as advances related to advertising or sponsorship deals. (Bloomberg)