The 2022 F1 season hasn’t been a great one for the Mercedes AMG F1 team. The team from Brackley not only lost their constructors’ championship to Red Bull but also trailing Ferrari in the P2 position in the standings. Amid all these, the German team has landed themselves in big sponsor trouble.

FTX, one of the leading sponsors of the Mercedes F1 team, is almost on the verge of bankruptcy. As the investors withdrew around $6 Billion in the last three reported days, the company is amid huge financial doom. With this, the Brackley-based team might follow suit as they might have to move forward without FTX from now on.

As the situation develops, it is believed that the company might be filed for bankruptcy anytime soon. The FTX founder and CEO Sam Bankman-Fried also admitted on social media that the situation is critical. However, the company that was once valued at $32 Billion is still searching for ways to get out of this huge slump.

“The Last Thing You Want Is…”: Danica Patrick Reveals Major Anxiety Around Red Bull & Mercedes Bosses as She Frequents the F1 Paddock

As for Mercedes, losing a sponsor of this magnitude might be tension worthy. However, it’s still unclear if the crypto exchange company has paid off all the sponsorship payments to the German F1 giants.

How did Mercedes AMG F1 tie up with their sponsor FTX?

The German F1 team tied up with the Crypto giants in 2021. The official statements from Mercedes stated, “The Mercedes F1 Team is delighted to announce a new long-term partnership with FTX, a leading global cryptocurrency exchange.”

“This relationship will span multiple race seasons with the FTX logo being featured prominently on both the cars and the drivers. The FTX logo will also be featured on the team’s fleet of Mercedes-Benz trucks, in the garage,” and so on as the report further stated.

Trending

Daniel Ricciardo To Be Replaced by Liam Lawson After Miami, F1 Pundit Dishes Out Harsh Verdict After Australian’s “Amateur Mistake”

April 17, 2024 11:14 AM EDT

Max Verstappen Sabotaged Daniel Ricciardo’s Only Chance of Getting the Red Bull Seat for 2025

April 21, 2024 11:59 AM EDT

F1 Rumor: Christian Horner and Wife Geri to Publicly Reveal All Details on Leaked Chat Scandal

April 22, 2024 04:10 PM EDT

Carlos Sainz Blames Charles Leclerc for Causing Fred Vasseur’s Painful Chinese GP Loss

April 21, 2024 12:23 PM EDT

Ferrari F1 News: Carlos Sainz Pushed Away From Audi as “Difficult” Period Approaches After Contract Pressure

April 23, 2024 12:28 PM EDT

Get instantly notified of the hottest F1 stories via Google! Click on Follow Us and Tap the Blue Star.

Follow Us

FTX also had access to team drivers Lewis Hamilton, Valtteri Bottas [in 2021], and George Russell. With these, the crypto giants have become a renowned name in the F1 world gradually.

WATCH THIS STORY: Lewis Hamilton ‘To Boost Security’ at £18m London Home Ahead of 2022 Max Verstappen Duel

Apart from the Mercedes F1 team, the crypto company was a sponsor of the International Cricket Council, the Miami Heat of the NBA, and a principal partner of Team Solo Mid (TSM). The company has tennis star Naomi Osaka as its global brand ambassador.