Mercedes F1 Team Removes FTX Logo from Cars After Crypto Exchange's Bankruptcy Filing

Mike Chiari@@mikechiariFeatured Columnist IVNovember 11, 2022

MEXICO CITY, MEXICO - OCTOBER 30: Second placed Lewis Hamilton of Great Britain and Mercedes celebrates on the podium during the F1 Grand Prix of Mexico at Autodromo Hermanos Rodriguez on October 30, 2022 in Mexico City, Mexico. (Photo by Dan Istitene - Formula 1/Formula 1 via Getty Images)
Dan Istitene - Formula 1/Formula 1 via Getty Images

Formula One Racing team Mercedes-AMG Petronas announced Friday that it has suspended its partnership with crypto exchange FTX.

According to TMZ Sports, the team said it will remove the FTX logo from its cars after the company filed for chapter 11 bankruptcy this week.

Mercedes-AMG Petronas is led by seven-time F1 points champion Lewis Hamilton, making him one of several high-profile athletes to be impacted by FTX bottoming out.

TMZ Sports noted that Tampa Bay Buccaneers quarterback Tom Brady, Golden State Warriors guard Stephen Curry, Los Angeles Angels pitcher and designated hitter Shohei Ohtani and tennis star Naomi Osaka all have involvement with FTX.

Also, the NBA's Miami Heat renamed their home venue FTX Arena next year, although that partnership is likely now in danger.

FTX reportedly filed for bankruptcy since it was insolvent and unable to pay out its customers, despite recently being worth $30 billion and claiming this week that it was "100 percent liquid."

The decision to remove the FTX logo from its cars was an about-face for Mercedes-AMG Petronas since Jonathan Noble of Motorsport.com reported Thursday that the team had decided to stick with the decals for this weekend's race.

Instead, Hamilton and teammate George Russell will be without FTX advertising on their cars for Sunday's Brazilian Grand Prix.