Formula One team Mercedes has suspended its sponsorship deal with FTX, one of the world’s largest crypto exchanges, after FTX filed for bankruptcy Friday.
Mercedes signed a multi-year sponsorship deal with FTX in
September 2021.
“As a first step, we have suspended our partnership
agreement with FTX,” Mercedes said in a statement Friday. “This means the
company will no longer appear on our race car and other branded assets from
this weekend. We will continue to monitor closely the situation as it evolves.”
Mercedes cars did not have the FTX logo during Friday’s free
practice ahead of the Brazilian Grand Prix at Interlagos.
FTX filed for bankruptcy protection after many of its users
started pulling out due to fears about its financial strength. Its founder and
CEO Sam Bankman-Fried resigned.
Interlagos is the penultimate race of the season. Max
Verstappen and his Red Bull team have already been crowned as drivers’ and
constructors’ champions.
Abu Dhabi will have the closer of the season on Nov.20.
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