“We are consulting legal counsel”- TSM tells community after title sponsor FTX files for bankruptcy | Media Pyro


Team SoloMid, better known as TSM, announced on Twitter about their FTX title sponsor on Sunday (November 13).

In an update, the esports organization said they have been closely following the situation surrounding FTX’s bankroll and have “no knowledge” of the matter.

Team SoloMid also said they are talking with legal counsel about the following:

“TSM is following the situation regarding FTX. We are not aware of the issue beyond what has been made public. We are currently speaking with legal counsel to determine the next best course of action to protect our team, staff, fans, and players.”

TSM Says It’s “Stable and Effective” Management After FTX Files for Bankruptcy, Fans Take Attention

In the last part of the public speech, Team SoloMid said that the sports organization has been “built on a solid foundation,” and they like it.

The update ended with the team expressing hope for a successful year in 2023:

“To be clear, TSM was built on a solid foundation. It is stable, profitable, and the result is still predictable for this year, next year, and beyond. We look forward to a great year in year 2023.”

There were over 120 reactions from fans, with some Twitter users suggesting that Team SoloMid should remove the FTX logo from their official sleeve:

@TSM drop the FTX homies there is no way they will pay again

Many members of the community expressed their support for the sports team, saying:

@TSM 🖤🤍🖤🤍🖤

Full Squad Gaming owner and esports personality Jake “JakeSucky” Lucky announced the organization’s update on his Twitter handle and said:

TSM have confirmed their database that the Org is healthy and financially sound despite the statements made by their primary sponsor FTX about the bank. https://t.co/fi3dJiizuI

The CEO and founder of Team New Age, Kirsh, wanted to know how TSM will continue to be profitable after the team’s title sponsor filed for bankruptcy:

@JakeSucky It’s really interesting to see how it works

Twitter user @Atomicfreeze reminded the online community that Team SoloMid also owns a popular League of Legends analytics and player tracking tool called Blitz:

@JakeSucky You totally forget that TSM has Blitz…

Another user said that the wording of TSM’s address suggests that the organization is looking for a new investor:

@JakeSucky It seems like they are trying to sound like a good company for a new business owner

Here’s some relevant information from Twitter:

@JakeSucky They are a good org and do a lot of the right things, but are they really effective? I don’t think any org has rn

@JakeSucky Of course they are good, Most people don’t know that the founder of TSM owns Swift Entertainment, which owns the ICON Agency and the Blitz App. Just separate from TSM to avoid rejection.

@JakeSucky I don’t know how anyone can think that TSM will suddenly be in trouble with no naming rights agreement. Yes there is a hit to the finances but there is nowhere near one to put one of the biggest Esports Orgs in such trouble.

For context, FTX is a trading and trading platform that has been making headlines for the past few days.

The cryptocurrency exchange company filed for Chapter 11 bankruptcy on November 11, 2022:

Press Release: Explanation of Certain Entities Not Entering Chapter 11. https://t.co/rxmY2f2iTB

In addition to being the title sponsor of Team SoloMid, FTX is also the main sponsor of the Mercedes AMG Petronas Formula 1 team. After the cryptocurrency platform filed for bankruptcy, the German racing team took the all FTX signals from their F1 cars.

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