Monumental Sports halts sponsorship with FTX


Monumental Sports & Entertainment, which owns the NBA’s Wizards, the NHL’s Capitals and the WNBA’s Mystics, is ceasing its promotion of FTX, the failed cryptocurrency exchange. But the Wizards will proceed with four fan giveaways sponsored by the crypto firm that have already been produced, the first of which will be distributed on Friday.

Monumental signed a multi-year deal with FTX, which was announced in December. According to a Monumental executive with knowledge of the partnership, who spoke on condition of anonymity, it was set to continue into next year and included social media content, signage at Capital One Arena, which was featured on TV shows and special programs.

The organization halted its promotion of the crypto exchange shortly after FTX announced on Friday that it would file for Chapter 11 bankruptcy protection.

“Monumental Sports & Entertainment has taken appropriate steps to remove FTX from our advertising platforms as much as possible,” the organization said in a statement to The Washington Post on Thursday. “While their logo will continue to appear on certain pre-produced giveaways, which as a matter of fairness we will continue to distribute to our fans, given the recent news surrounding the company, they will no longer be a presence with our teams.”

Monumental’s deal was one of many sports partnerships FTX had signed, the most prominent of which was an arena naming rights agreement with the Miami Heat. Miami-Dade County, which owns the arena, had signed a 19-year deal worth at least $135 million that the county and team announced last week.

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The Golden State Warriors have also paused all FTX-related promotional material, according to a statement emailed 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 visible reminders of Monumental partnering with the crypto exchange will be four previously planned fan giveaways distributed over the next four months. The first will happen to be distributed on Friday for a game against the Heat.

The first 10,000 fans to arrive at Capital One Arena will receive a ball cap designed by former Wizards player Antawn Jamison as part of the team’s celebration of its 25th anniversary of the name. The caps feature the FTX logo.

The Capitals’ “Rock the Retro Concert,” scheduled for Monday at 9:30 Club, was sponsored by FTX. But the capitals Removed references to FTX in their promotion of the event.

Samantha Pell contributed to this report.

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