“California Memorial Stadium was renamed FTX Field after a historic, 10-year agreement signed in 2021. As part of the $17.5 million deal, Cal Bears Sports Properties accepted full payment in cryptocurrency on behalf of the university.”
“A host of Hollywood and sports celebrities, including Larry David and Tom Brady, were named as defendants in a class-action lawsuit against cryptocurrency exchange FTX, arguing that their celebrity status made them culpable for promoting the firm’s failed business model.FTX has been in the public eye for more than a week, after the third-largest cryptocurrency exchange ended up with billions of dollars worth of losses and had to seek bankruptcy protection.”
What gives? I was going to take three days off – and wait for Phil Knight to call! I read this before I went to bed early, and awoke at 1:30 A.M. with feelings of dread.
Our new Governor, and our newspapers, should be wondering if Nike and Phil Knight were expecting to ride the Big Red Wave to Victory , and celebrate by rolling out SWOOSH? I see Phil with Betsey and Christine cutting a red ribbon -with the help of giant basketball players – from the UofO?
FTX did not have FIXING the homeless problem as part of their dream – not like my proposed Cyndy Coin does! Let’s add it all up….FTXSWOOSH! I saw ZARDOZ in there, and is why I hopped into bed early, and pulled the blankets over my head. I see CUSSWORDS!
I will use this for my movie-book. After dancing with college kids, Starfish gets her hair done, and tells Victoria she is thinking of quitting BAD, and becoming a Cryptocurrency Reporter.
|Associated Press13h Tom Brady among celebrities named in FTX lawsuit NFL, Tampa Bay Buccaneers NEW YORK — |
A host of Hollywood and sports celebrities, including Larry David and Tom Brady, were named as defendants in a class-action lawsuit against cryptocurrency exchange FTX, arguing that their celebrity status made them culpable for promoting the firm’s failed business model.FTX has been in the public eye for more than a week, after the third-largest cryptocurrency exchange ended up with billions of dollars worth of losses and had to seek bankruptcy protection. The Bahamas-based company and its founder, Sam Bankman-Fried, are under investigation by state and federal authorities for allegedly investing depositors’ funds in ventures without their approval.Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured “Seinfeld” creator David, as well as Brady, the star quarterback of the Tampa Bay Buccaneers, basketball players Shaquille O’Neal and Stephen Curry, and tennis star Naomi Osaka.The lawsuit filed late Tuesday alleges that the athletes and celebrities brought instant credibility to FTX and should be held just as culpable as Bankman-Fried.”Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment — like these Defendants — to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit said.Class-action attorney Adam Moskowitz filed the lawsuit in the Southern District of Florida. Moskowitz also is the attorney representing the victims in the collapse of a residential tower in Surfside, Florida.
Cal Athletics faces aftermath of cryptocurrency FTX collapse
By Sara Sedillo
PublishedNovember 16, 2022 9:33AM
Cal’s football stadium. Photo credit: CalBears.com.
BERKELEY, Calif. – Cal Athletics appears to be dealing with the aftermath of the recent collapse of cryptocurrency FTX.
Last week, the crypto exchange filed for Chapter 11 bankruptcy protection after its value tanked in a matter of just 9 days. According to a UC Berkeley report, Cal Athletics is one of those affected by the collapse.
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California Memorial Stadium was renamed FTX Field after a historic, 10-year agreement signed in 2021. As part of the $17.5 million deal, Cal Bears Sports Properties accepted full payment in cryptocurrency on behalf of the university.
On Monday, a photo posted by @dsmithBerkeley on Twitter showed the FTX logo being removed from the field ahead of the big game against Stanford.
Cal wasn’t the only sports organization tied to FTX. It had many sponsorships including a $10-million global sponsorship deal with the Warriors announced in December last year.
ALSO: Cryptocurrency exchange FTX CEO apologizes as SEC investigates company
FTX also had deals with Major League Baseball umpires, the Miami Heat basketball team, and many others.
The Department of Justice and the Securities and Exchange Commission are probing whether FTX CEO and founder Sam Bankman-Fried used customers’ crypto deposits to fund bets at his Alameda Research hedge fund.
ALSO: 2nd day of UC academic worker strike; largest work stoppage in university history
Cal Athletics and FTX Unveil 10-Year Landmark Relationship
The Field Naming Rights Sponsorship is the First in Collegiate History paid 100% in Crypto
NEWS PROVIDED BYFTX.US
Aug 23, 2021, 08:00 ET
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BERKELEY, Calif., Aug. 23, 2021 /PRNewswire/ — Cal Athletics, its multimedia rightsholder, LEARFIELD’s Cal Bears Sports Properties (“the Company”), and West Realm Shires Services Inc., owners and operators of FTX.US (“FTX”), a leading US-regulated cryptocurrency exchange, today announced the first-ever collegiate cryptocurrency naming rights sponsorship. As part of the $17.5 million deal, LEARFIELD will accept the full payment in cryptocurrency on behalf of the university.
Through this historic, 10-year agreement, FTX receives naming rights to the field at California Memorial Stadium, which will be known as FTX Field at California Memorial Stadium.
“We believe we have found a great partner in FTX,” Cal Director of Athletics Jim Knowlton said. “FTX is a growing company at the forefront of innovation in an emerging technology, one that fits well at both Cal and in the Bay Area. This agreement extends well beyond field naming rights, which is part of our strategic plan to diversify revenue streams in support of our student-athlete experience, and includes commitments for our Cameron Institute, Cal Veterans and students in need here in Berkeley. We are looking forward to building our relationship now and in the years ahead.”
Through their new relationship, Cal Athletics and FTX will support and build out a community engagement program for the Cameron Institute for Student-Athlete Development. One of the primary focal points for the institute, the community engagement pillar helps student-athletes understand the benefits of public service and success through short-term and long-term commitments. With a significant financial investment from FTX, these efforts will initially focus on serving communities including the homeless population in Berkeley, underrepresented students and the Cal Veterans Group.
Cal and FTX share a connection in FTX.US’s Chief Operating Officer Sina Nader, who earned his bachelor’s degree in legal studies from Cal and was also a walk-on member of the Golden Bears football team during his time there.
Nadercommented on the agreement, “We’re excited to partner with one of the world’s great universities and expand crypto’s presence into the collegiate athletics landscape. This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization’s core values. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes. In the spirit of giving back, we are also committing an additional $200,000 on top of this partnership, which will specifically be used to help fight homelessness in Berkeley, and to support organizations that help underrepresented student groups at UC Berkeley.”
“This is a landmark agreement in many respects, including payment in cryptocurrency,” said Andy McDowell, vice president and general manager for LEARFIELD’s Cal Bears Sports Properties. “This was a true collaboration allowing us to thoughtfully navigate an emerging category with a wide reach beyond just athletics. We worked closely with Cal Athletics in bringing this FTX relationship to life, in an effort to support a historic stadium and to touch the entire campus community.”
In addition to field-naming rights, the relationship between Cal Athletics and FTX will feature new on-field branding and branding on athletics press backdrops, social integration, as well as the launch of a robust community service platform that will support projects across a variety of philanthropic causes.
The Bears’ first game at the newly named FTX Field at California Memorial Stadium is slated for Saturday, Sept. 4, when Cal hosts Nevada.
FTX.US is a US-regulated cryptocurrency exchange, built from the ground up with customers in mind. Its mission is to grow the digital currency ecosystem, offer US and international traders a platform that inspires their loyalty, and to become the leading US crypto exchange by volume within the next two years.
About Cal Athletics
Founded in 1868, the University of California’s flagship campus at Berkeley is one of the top-ranked universities in the world with 31 Nobel Prizes held by UC Berkeley alumni and offering more than 350 degree programs. Cal Athletics supports 850 student-athletes in 30 sports, and has as its mission: To Educate, Compete, Serve and Excel … Developing Leaders of Tomorrow. Cal teams have earns 98 national championships in 15 different sports, and Golden Bears have collected 223 medals at the Olympic Games.
LEARFIELD is a leading media and technology services company in intercollegiate athletics. The company unlocks the value of sports for brands and fans through an omnichannel platform with innovative content and commerce solutions. LEARFIELD services includes licensing and multimedia sponsorship management; publishing, audio, digital and social media; data analytics; ticketing, ticket sales and professional concessions expertise; branding; campus-wide business and sponsorship development; and venue technology systems. Since 2008, it has served as title sponsor for the acclaimed LEARFIELD Directors’ Cup, supporting athletic departments across all divisions.