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NFL Legend Tom Brady Caught in FTX Fallout, Risks Losing Complete Strategic Inve...

 1 year ago
source link: https://finance.yahoo.com/news/nfl-legend-tom-brady-caught-064929333.html
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NFL Legend Tom Brady Caught in FTX Fallout, Risks Losing Complete Strategic Investment

Sam Reynolds
Wed, November 9, 2022, 3:49 PM·3 min read
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Tom Pennington

FTX’s investors and token holders of FTT have had a rough week with the unprecedented series of events that culminated in rival Binance all set to buy the exchange.

But what about National Football League (NFL) star quarterback Tom Brady?

In June 2021, during the bullish days of crypto, the seven-time Super Bowl champion and his then-wife, Gisele Bündchen, said that they had closed an equity deal with both FTX.com and FTX.US (legally, separate entities). The deal would see Brady become a brand ambassador for the exchange and Bündchen an environmental and social initiatives adviser.

Brady and Bündchen quickly became prominent face of FTX, alongside FTX founder Sam Bankman-Fried.

"It's an incredibly exciting time in the crypto-world, and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities," said Brady in a press release at the time. "This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet."

The terms of the equity deal were not disclosed, but in the months following the announcement, FTX began work on raising another round with a valuation of $32 billion.

Now that equity is worth significantly less as Binance prepares to take over FTX for pennies on the dollar.

For Brady, this is just another chapter in an already dismal year.

In February, he announced that he’d be retiring from the NFL after not making it to the Super Bowl that year and saying he wanted to spend more time with his wife and family. But weeks after, he retracted his statement and announced he was coming back to the field.

“These past two months I’ve realized my place is still on the field and not in the stands,” Brady tweeted at the time. “That time will come. But it’s not now. I love my teammates, and I love my supportive family. They make it all possible. I’m coming back for my 23rd season in Tampa.”


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