Esports organization Team SoloMid (TSM) issued a statement this evening in regard to the recent developments with FTX. In case you weren’t already aware of the situation, Bahamas-based crypto exchange company FTX filed for bankruptcy on Friday, due to a rush of customer withdrawals that took place earlier that week. The entire situation is a complicated mess of funds being moved around and unaccounted investments, which Reuters has an ongoing report of, leading to what is currently one of the biggest company meltdowns in all of cryptocurrency history (so far, that we know of).
One of the companies that are owned by FTX is TSM, which basically became one of the sports and entertainment faces of the company, and was on the verge of expanding. Those plans may now be on hold as their parent company is in all sorts of trouble. To get ahead of whatever is to come, the company sent out the statement below this evening to media and fans.
“Along with the rest of the world, 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. 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.”
Given the nature of what’s happening, and the bigger issues at hand for FTX, an esports team is probably at the bottom of the list of concerns they have at the moment. But it wouldn’t entirely surprise us if they decided to either sell the team to someone immediately just to get them off the docket and get some capital coming in, or if they get put on the back burner until they have to liquidate assets. Either way, the future of the team is up in the air until one of those two things happens, because we can’t imagine anyone at TSM is going to work with FTX filing for bankruptcy, putting their paychecks, benefits, and other resources handled by the company on hold.