Riot Games Files Motion With FTX Bankruptcy Court To Terminate 7-Year League Of Legends Sponsorship

According to engadget, American online game developer and publisher Riot Games has filed a motion with the court in charge of the FTX bankruptcy case to terminate its seven-year "League of Legends" sponsorship agreement with FTX. Signed in August. According to Riot Games, FTX previously needed to pay US$12.5 million to display its brand in LCS events, but now US$6.25 million has not yet been paid. In addition, FTX is expected to default on another nearly US$13 million in sponsorship fees in 2023. The first payment needs to be completed before January 2, 2023, but since FTX has entered the bankruptcy process, it is likely that it will not be able to perform as scheduled.