Monumental signed a multi-year deal with FTX that was announced in December. A Monumental executive with knowledge of the partnership, who spoke on condition of anonymity, said it will continue into the next year and include social media content, television coverage at Capital One Arena and visible signage on special event broadcasts.
Last Friday, after FTX announced it would file for Chapter 11 bankruptcy protection, the organization stopped promoting the crypto exchange.
“Monumental Sports & Entertainment has taken appropriate steps to remove FTX from our advertising platform as much as possible,” the organization said in a statement to The Washington Post on Thursday. “Their logo will still appear on pre-packaged merchandise, which we will distribute fairly to our fans, but due to recent news surrounding the company, they will not be able to stay with our team.”
The Monumental deal was one of many sports partnerships signed by FTX, the most notable of which was the arena naming rights deal with the Miami Heat. Miami-Dade County, which owns the stadium, signed a 19-year, $135 million deal that the county and the team announced last week would expire.
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The Golden State Warriors have also suspended all advertising funds associated with FTX, according to an emailed statement to The Post. Monumental’s partnership with FTX was smaller than the Warriors deal, the executive said, and is likely to be terminated.
The most obvious reminders of working with the monumental crypto exchange would be four pre-scheduled fan giveaways spread over the next four months. The first, coincidentally, will be distributed on Friday for the game against the Heat.
The first 10,000 fans in attendance at Capital One Arena will receive a ball cap designed by former Wizards player Antawn Jamison using the name in celebration of the team’s 25th anniversary. The cover has the FTX logo.
The Capitals’ Rock the Retro Concert on Monday at 9:30 is sponsored by FTX. But the capitals Removed reference to FTX when promoting an event.
Samantha Pell contributed to this report.