Former Mercedes long-term sponsor FTX's CEO Sam Bankman-Fried jailed for 25 years

Sam Bankman-Fried, the man behind the sponsorship deal between FTX and Mercedes F1, has been jailed for 25 years.

The American was found guilty on seven counts of conspiracy and fraud charges in what was described as 'one of the largest financial frauds in history'.

The multi-year partnership between the cryptocurrency company and the German team was signed in September 2021 with the former world champions terming the former as "a well-matched partner in our relentless pursuit of performance".

However, its collapse fourteen months later ahead of the 2022 Brazilian Grand Prix forced Mercedes to suspend the partnership and remove the logos of FTX from their garages, cars, and hospitalities.

The cryptocurrency giant was the sponsor of many brands such as the NBA's Miami Heat, the Golden State Warriors, and the MLB, apart from partnering with Tom Brady.

FTX filed for bankruptcy after its CEO Sam Bankman-Fried resigned from his position. Mercedes team principal Toto Wolff had previously commented on the firm's collapse and termed the crypto market as 'vulnerable'. He said (via RacingNews365):

“We considered FTX because they were one of the most credible, solid, and financially sound partners out there, and out of nowhere, you can see that a crypto company can be on its knees and gone in one week."

“That shows how vulnerable the sector still is. It’s unregulated, and I believe it needs to find its way into regulations because there are so many customers, investors, and partners like us that have been left in utter disbelief at what has happened.”

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Mercedes team boss chimes in on the options to replace Lewis Hamilton

Mercedes team boss Toto Wolff stated that he had a few options to replace the departing Lewis Hamilton for the 2025 season.

The Austrian said in an interview with Fox Sports Australia that their decision might depend on Max Verstappen's future with Red Bull, while also speaking about Kimi Antonelli as a potential replacement (via F1.com):

"I think it depends also on what Max does. We have a young kid that is very promising. I don’t want to put more extra pressure on him but it looks like he can be one of the great ones."

"But we also don’t want to drown him jumping so quickly in an F1 car, he’s 17. There are a few options that we could play with him. Obviously, there is Fernando [Alonso], who’s very exciting, Carlos [Sainz], very good, so there are a few ones.”

Wolff also added that he won't be making a call about Hamilton's replacement in the next few weeks or months and that he may come to a decision in the summer.