“We are Stable and Profitable”- TSM Issues Statement to the Community After Sponsor FTX Files for Bankruptcy

“We are Stable and Profitable”- TSM Issues Statement to the Community After Sponsor FTX Files for Bankruptcy

TSM

On Sunday, Team SoloMid, an American esports powerhouse popularly known as TSM, posted a statement to Twitter regarding their title sponsor FTX (November 13). The esports group said in the report that they had “no insight” into the circumstances surrounding FTX’s bankruptcy petition despite actively monitoring it.

To put things in perspective, FTX is a cryptocurrency trading and exchange platform that has been in the news recently. On November 11, 2022, the cryptocurrency exchange corporation filed for Chapter 11 bankruptcy.

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YouTube: WION

Read more: Top Esports Organizations Affected by FTX Bankruptcy (TSM, LCS, and More)

“We are Currently Consulting Legal Counsel” TSM is Positive About the Situation as FTX Files for Bankruptcy, Fans React

TSM
FTX has declared bankruptcy

The next steps are being discussed with legal advice, according to Team SoloMid. TSM said, “TSM has been closely following the situation surrounding FTX. We have no insight into the matter other than what has been reported publicly. We are currently consulting legal counsel to determine the best next steps to protect our team, staff, fans, and players.”

Team SoloMid stated that the esports organization is “built on a solid foundation” and that they are profitable, in the last segment of the public speech. The team expressed anticipation for 2023 to be a good year as the update came to a close.

To quote the organization, “To be clear, TSM is built on a solid foundation. We are stable and profitable, and we continue to forecast profitability for this year, next year, and beyond. We look forward to a great year in 2023.”

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TSM x FTX

More than 100 fans responded to the address on Twitter, with some suggesting that Team SoloMid take the FTX branding off of their official handles.

In addition to serving as Team SoloMid’s title sponsor, FTX was a significant sponsor of the Mercedes AMG Petronas Formula 1 team. The German racing team took out all FTX logos from their F1 cars after the cryptocurrency exchange declared bankruptcy.

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