Monumental Sports & Entertainment, which owns the NBA’s Wizards, the NHL’s Capitals and the WNBA’s Mystics, is halting its promotion of FTX, the failed cryptocurrency exchange. But the Wizards will continue with four fan giveaways that were sponsored by the crypto company and already had been produced, the first of which will be distributed Friday.
Monumental signed a multiyear deal with FTX that was announced in December. It was set to continue into next year, according to a Monumental executive with knowledge of the partnership who spoke on the condition of anonymity, and included social media content, signage in Capital One Arena that was visible on TV broadcasts and special event programming.
The organization stopped its promotion of the crypto exchange shortly after FTX announced Friday that it would file for Chapter 11 bankruptcy protection.
“Monumental Sports & Entertainment has taken the appropriate steps to remove FTX as much as possible from our promotional platforms,” the organization said Thursday in a statement to The Washington Post. “While their logo will still appear on certain pre-produced giveaway items that we will continue to distribute out of fairness to our fans, they will not have a presence with our teams in light of the recent news surrounding the company.”
Monumental’s deal was one of many sports partnerships FTX had signed, the most prominent of which was an arena naming rights deal 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 would be terminated.
The Golden State Warriors also paused all FTX-related promotional assets, according to a statement emailed to The Post. Monumental’s partnership with FTX was smaller in scale than the Warriors’ deal, the executive said, and is likely to be terminated.
The most visible reminders that Monumental partnered with the crypto exchange will be four previously scheduled fan giveaways spread over the next four months. The first will be distributed Friday for a game against, coincidentally, 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 a part of the team’s celebration of its 25 years using that name. The caps include the FTX logo.
The Capitals’ “Rock the Retro Concert,” scheduled for Monday at 9:30 Club, had been sponsored by FTX. But the Capitals have removed references to FTX in their promotion of the event.
Samantha Pell contributed to this report.