The maker of Sam Bankman-Fried's favorite game, League of Legends, wants out of its exclusive sponsorship agreement with the disgraced crypto mogul's failed firm, FTX.
In a late Friday filing in FTX's bankruptcy case, Riot Games, said it suffered severe reputational harm through its association with FTX. The company, which was the exclusive cryptocurrency exchange sponsor for the game, asked the bankruptcy court overseeing FTX's case to force the failed crypto firm to end its contract with Riot, or if the exchange refuses, to allow Riot to terminate the agreement.
Doing so will cost the gaming company — $12 million per year over the seven years of the contract. Riot said it expected $12.5 million this year through the deal, but after FTX's bankruptcy, more than $6 million is in arrears. Allowing Riot to end the deal would also allow the gaming company to seek another cryptocurrency exchange as a sponsor.
But money appears to be the least of Riot's concerns.
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