Riot Games to end an important sponsorship agreement for League of Legends
League of Legends being one of the most important games of all times now might end a sponsorship with FTX.
Riot Games is attempting to break free from its partnership with FTX for the League of Legends Championship Series. The studio submitted a motion to end the seven-year sponsorship agreement it and FTX had signed in August with the bankruptcy court on Friday.
Riot Games to end an important sponsorship agreement for League of Legends
Riot Games just filed a motion in the FTX bankruptcy case to end their deal, pertaining to the League of Legends Championship series.
— Molly White (@molly0xFFF) December 17, 2022
FTX still owes $6.25M (about half the payment) for 2022, and will owe $12.875M for 2023. Per the agreement, the payments escalate through 2028.
Riot claims that the exchange still owes half of the $12.5 million it agreed to pay the studio in 2022 to display FTX branding at LCS events. Riot also states that the disgraced company will owe it nearly $13 million more in 2023, with the first quarterly payment due on January 2 of that year. Through the expiration of their agreement in 2028, FTX is expected to increase its annual payments to Riot. The result however is unclear now.
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