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FTX decided to pay Golden State Warriors $10 million for global rights

FTX decided to pay Golden State Warriors $10 million for global rights

December 15, 2021: -The Golden State Warriors have agreed to an international rights sponsorship with crypto platform FTX.

Deal terms were not public, but people familiar with the agreement told CNBC a multi-year pact valued north of $10 million total. The people spoke the deal on remaining anonymous as they aren’t authorized to discuss contract specifics, the first global deal for the $5.6 billion Golden State Warriors.

FTX, worth about $25 billion, is one of the world’s largest digital currency exchanges and competes with Coinbase, Binance, and Kraken.

“FTX is a company that caught our eyes a couple of months ago,” Warrior president and chief operating officer Brandon Schneider said in an interview with CNBC. “We think we’re at the beginning of the beginning. We’re all learning, and this space will evolve quite a bit,” Schneider added.

It’s the latest agreement for FTX, which has an umpire jersey deal with Major League Baseball. It also took over naming rights to the Miami Heat arena in a deal reportedly valued at $135 million over 19 years.

“We think they’re a market leader headed in the right direction,” Schneider said of FTX.

The NBA started to allow clubs to leverage international agreements in 2019 to expand its global footprint.

FTX will also get virtual floor inventory on Warriors regional sports network games. The digital logos are shown on TV during local and national NBA games, resembling floor signage. Industry insiders suggest that virtual ads solicit roughly $15,000 per quarter.

Most Warriors games air on an RSN property owned by NBCUniversal, the parent company of CNBC.

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