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“We are currently consulting legal counsel”- TSM addresses the community after title sponsor FTX files for bankruptcy

American esports giant Team SoloMid, also known as TSM, shared a statement on Twitter on Sunday (November 13) about their title sponsor FTX.

In the update, the esports organization said that they were closely following the situation surrounding FTX’s bankruptcy filing and that they had “no insight” into the matter.

Team SoloMid also said they are consulting with legal counsel for the next steps:

“TSM has been closely following the situation surrounding FTX. We have no insight into the matter beyond what has been publicly reported. We are currently consulting with legal counsel to determine the best next steps to protect our team, staff, fans and players.”

TSM claims organization is “stable and profitable” after FTX files for bankruptcy, fans react

In the final part of the public address, Team SoloMid claimed that the esports organization is “built on a solid foundation”, and that they are profitable.

The update concluded with the team expressing optimism for a successful year in 2023:

“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.”

The address drew more than 120 fan reactions, with some Twitter users saying that Team SoloMid should remove the FTX branding from their official handles:

@TSM leave the FTX homies there is no way they will pay more

Several community members expressed support for the esports group and commented:

@TSM 🖤🤍🖤🤍🖤

Full Squad Gaming co-owner and esports personality Jake “JakeSucky” Lucky shared the organization’s update on his Twitter handle, saying:

TSM has assured their fans that the organization is both profitable and financially sound, even with the news that their primary sponsor FTX has filed for bankruptcy. https://t.co/fi3dJiizuI

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

@JakeSucky Will be very interested to see how they are profitable

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 guys really forget that TSM owns Blitz…

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

@JakeSucky It sounds like they are trying to sound like a good company to a new investor

Here are some more relevant comments from fans on Twitter:

@JakeSucky They are a great organization and do a lot of things right, but are they really profitable? I don’t think any org is rn

@JakeSucky Of course they are profitable. Most people don’t even know that TSM founder Owns Swift Entertainment, which owns ICON Agency and Blitz App. It’s just separate from TSM to avoid conflict of interest.

@JakeSucky I don’t know how people got it into their heads that TSM would suddenly be in trouble with the naming rights deal over. Yes, it’s a blow to finances, but nowhere near enough of one to put one of the biggest Esports organizations in any kind of danger.

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

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

Press Release: Clarification on Certain Entities Not Included in Chapter 11 Filings. https://t.co/rxmY2f2iTB

Besides being the title sponsor of Team SoloMid, FTX was also a major sponsor of the Mercedes AMG Petronas Formula 1 team. After the cryptocurrency platform filed for bankruptcy, the German racing team removed all FTX branding from their F1 cars.

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