Team SoloMid Renamed TSM FTX In $210 Million Deal With Crypto Firm

Update: DotEsports.com is reporting that TSM will not be allowed to use the FTX addition in its name for any Riot-sanctioned event in North America. According to Chris Greeley, interim commissioner for the North American League Championship Series, while the deal does not break LCS rules, "crypto exchanges fall under a category of sponsorship that carries activation restrictions." Therefore, as Greeley told Dot Esports, "TSM’s new naming convention and FTX brand placement on TSM jerseys will not apply to the LCS or other Riot Games esports in North America."

Original Story: You may have heard of a sports team selling the name of its stadium, but what do you do if you're an esports organization with no stadium name to shop? Sell the team's name, of course, and that's exactly what North American esports org Team SoloMid has done.

TSM has agreed to a 10-year, $210 million deal with cryptocurrency trading site FTX, which will change the team's name to TSM FTX. The money, according to the official press release, will be used toward expanding the team to other platforms--with mobile noted as a focus--as well as the opening of new offices around the world.

The deal will also see TSM FTX purchase $1 million worth of FTX's original coin FTT, as well as "distribute cryptocurrency to each of its players and employees."

"We're really excited to work with TSM. Their team has gone above and beyond both in-game and out, and rightfully established itself as the premier team in esports," Sam Bankman-Fried, founder and CEO of FTX, said in the official release. "We've also been really impressed working with them: they have the drive, creativity, communication, and generosity that we find combined in very few places."

The former Team SoloMid was started in 2009 by then 17-year-old Andy "Reginald" Dinh. The organization fields teams in many major esports, including League of Legends' North American League Championship Series, Rainbow Six Siege's R6 Pro League, and most recently the Valorant Champions Tour.