Welcome at RacingNews365

You are logged in. Benefit directly from all the benefits of your account:

  • Share your thoughts and opinions about F1
  • Win fantastic prizes
  • Get access to our premium content
  • Take advantage of more exclusive benefits

Welcome at RacingNews365

Become part of the largest racing community in the United Kingdom. Create your free account now!

  • Share your thoughts and opinions about F1
  • Win fantastic prizes
  • Get access to our premium content
  • Take advantage of more exclusive benefits
Sign in
Brazilian Grand Prix 2022

Key Mercedes F1 sponsor files for bankruptcy

One of the Mercedes Formula 1 team's major sponsors has filed for bankruptcy after a tumultuous week.

XPB 1182941 Hi Res
Article
To news overview © XPBimages

A key sponsor of the Mercedes Formula 1 team, FTX, has filed for bankruptcy, hours after the team suspended its deal with the cryptocurrency business.

FTX is facing an investigation by American authorities after allegedly misusing customer deposits.

The firm was plunged into crisis over the past week with a proposed to deal to be rescued by Binance, who sponsor Alpine, falling through.

The cryptocurrency exchange company has prominent branding on the Mercedes W13 and driver race suits, but the eight-time Constructors' Champions have removed all FTX logos ahead of the Brazilian Grand Prix weekend.

The absence of the logo on the rear wing can be seen in the image above, with Mercedes making the decision prior to any running.

It is not just in F1 that FTX has a presence, with a lucrative deal in place with Miami Heat of the NBA for naming rights to their home stadium, as well as enjoying one with the Major Baseball League.

			© RN365/Michael Potts
	© RN365/Michael Potts

Also interesting:

Video: How do F1 sprint races work?

It will be the third and final Formula 1 sprint race of the season in Brazil. We've put together a handy refresher to explain how the weekend differs slightly from the usual format.

F1 2022 Brazilian Grand Prix RN365 News dossier

1 comment

x