F1 team Mercedes suspends sponsorship deal with FTX

Nov 11, 2022, 10:49 AM | Updated: 11:18 am
A member of Mercedes team crew works on the car of George Russell, of Britain, ahead of Sunday's Fo...

A member of Mercedes team crew works on the car of George Russell, of Britain, ahead of Sunday's Formula One Brazilian Grand Prix, at the Interlagos racetrack in Sao Paulo, Brazil, Thursday, Nov. 10, 2022. (AP Photo/Andre Penner)

(AP Photo/Andre Penner)

SAO PAULO (AP) — Formula One team Mercedes has suspended its sponsorship deal with FTX, one of the world’s largest crypto exchanges, after FTX filed for bankruptcy Friday.

Mercedes signed a multi-year sponsorship deal with FTX in September 2021.

“As a first step, we have suspended our partnership agreement with FTX,” Mercedes said in a statement Friday. “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.”

Mercedes cars did not have the FTX logo during Friday’s free practice ahead of the Brazilian Grand Prix at Interlagos.

FTX filed for bankruptcy protection after many of its users started pulling out due to fears about its financial strength. Its founder and CEO Sam Bankman-Fried resigned.

Interlagos is the penultimate race of the season. Max Verstappen and his Red Bull team have already been crowned as drivers’ and constructors’ champions.

Abu Dhabi will have the closer of the season on Nov.20.

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F1 team Mercedes suspends sponsorship deal with FTX