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Mercedes F1 Team Suspends Partnership with FTX

Reuters

Last Updated: November 11, 2022, 20:56 IST

SAO PAULO

Mercedes in Fromula One (AP)

Mercedes in Fromula One (AP)

Mercedes signed a sponsorship deal with FTX in September, 2021 when they were the reigning champions

The Mercedes Formula One team said on Friday they had suspended a partnership agreement with troubled cryptocurrency exchange FTX ahead of the season’s penultimate race in Brazil.

FTX, one of the world’s largest crypto exchanges, is scrambling to raise billions in funds to stave off collapse while regulators have stepped in.

Mercedes signed a sponsorship deal with FTX in September, 2021 when they were the reigning champions.

“As a first step, we have suspended our partnership agreement with FTX," a team spokesman said.

“This means the company will no longer appear on our race car and other branded assets from this weekend. We will continue to monitor closely the situation as it evolves."

The season ends in Abu Dhabi on Nov. 20.

Mercedes, with seven times world champion Lewis Hamilton and fellow-Briton George Russell, have yet to win a race this season.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
first published:November 11, 2022, 20:56 IST
last updated:November 11, 2022, 20:56 IST
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