As part of a multi-year agreement with the University of California, Berkeley athletics department, FTX cryptocurrency exchange has obtained naming rights to the field at California Memorial Stadium.
The 62,000-seat arena will be renamed FTX Field at California Memorial Stadium as part of the deal. The $17.5 million (£12.8 million/€14.9 million) 10-year deal is reported to be the first-ever cryptocurrency naming-rights sponsorship in college sports.
Cal Athletics, its multimedia rights holder Cal Bears Sports Properties, and West Realm Shires Services, which owns and operates FTX, have signed an agreement.
Learfield, which manages Cal Bears Sports Properties, will take the entire $17.5 million in Bitcoin on behalf of the university.
Cal Athletics and FTX will collaborate to support and expand the Cameron Institute for Student-Athlete Development’s community engagement initiative.
The institute will receive a large financial infusion from FTX, with initial efforts focusing on aiding Berkeley’s homeless population, underrepresented students, and the Cal Veterans Group.
On-field branding and a presence in the background of press interviews, as well as social media integration, will help FTX. The collaboration will also result in the establishment of a community service platform that will support projects related to a wide range of charitable causes.
“FTX is a rising company at the vanguard of innovation in an emerging industry, one that fits well at both Cal and in the Bay Area,” Jim Knowlton, the university’s director of sports, said.
“This agreement includes promises for our Cameron Institute, Cal Veterans, and students in need here in Berkeley, in addition to field naming rights, which are part of our strategic aim to diversify revenue streams in support of our student-athlete experience. We are excited to continue to develop our partnership now and in the future.”
“We’re pleased to work with one of the world’s finest colleges and expand crypto’s presence into the collegiate athletics landscape,” said FTX’s chief operating officer Sina Nader, who received his bachelor’s degree in legal studies from the university.
“Through this historic alliance, we will be able to engage in charitable efforts that are in line with our basic principles. Personally, I am looking forward to collaborating with local communities alongside my alma university on a range of issues.
“In the spirit of giving back, we’re also investing an additional $200,000 to this relationship, which will go toward fighting homelessness in Berkeley and supporting organizations that assist marginalized student groups at UC Berkeley.”
The Bears will play their debut game at FTX Field at California Memorial Stadium on September 4th. The agreement was reached when FTX purchased the naming rights to the Miami Heat’s home arena earlier this year.
The long-term arrangement, which is expected to be worth $135 million over 19 years, formally rebrands the arena as FTX Arena beginning in the 2021-22 season. FTX took over as the arena’s naming-rights sponsor from AmericanAirlines.
