"We are currently consulting legal counsel"- TSM addresses the community after title sponsor FTX files for bankruptcy

American esports giant Team SoloMid, also known as TSM, shared a statement on Twitter regarding their title sponsor FTX on Sunday (November 13).In the update, the esports organization stated that they have been closely following the situation surrounding FTX's bankruptcy filing and that they had &quot;no insight&quot; into the matter.Team SoloMid also stated that they are consulting with legal counsel for the next steps:&quot;TSM has been closely following the situation surrounding FTX. We have no insight into the matter other than what has been reported publicly. We are currently consulting legal counsel to determine the best next steps to protect our team, staff, fans, and players.&quot;TSM FTX@TSMTSM Statement on FTX8189348TSM Statement on FTX https://t.co/nbiCCnciNFTSM claims that the organization is &quot;stable and profitable&quot; after FTX files for bankruptcy, fans reactIn the final section of the public address, Team SoloMid asserted that the esports organization is &quot;built on a solid foundation,&quot; and that they are profitable.The update concluded with the team expressing optimism for a successful year in 2023:&quot;To be clear, TSM is built on a solid foundation. We are stable and profitable, and we continue to forecast profitablilty for this year, next year, and beyond. We look forward to a great year in 2023.&quot;The address attracted more than 120 fan reactions, with some Twitter users stating that Team SoloMid should remove the FTX branding from their official handles:ShakeRizzle@ShakeDrizzle@TSM drop the FTX homies there’s no way they’ll be paying anymore136@TSM drop the FTX homies there’s no way they’ll be paying anymoreNueveCuatro@ninetyfourBrrr@TSM Drop the FTX ....35@TSM Drop the FTX ....benji / LP6@LP62O@ninetyfourBrrr @TSM it’s not that easy lol hence why they’re seeking legal counsel332@ninetyfourBrrr @TSM it’s not that easy lol hence why they’re seeking legal counselSeveral community members expressed support for the esports group, commenting:TSM OPS@opsqt@TSM 58@TSM 😎💓LCS Eevee@LCS_Eevee@TSM Good 16@TSM Good 👍TSM FTX Cris_Snipes@Cris_Snipes@TSM 🖤🤍43@TSM 🖤🤍ERI | MitsuKris@Mitsukris@TSM 🤍🖤🤍🖤1@TSM 🤍🖤🤍🖤Fox Eye@FoxEyeBR@TSM 🖤🤍🖤🤍🖤2@TSM 🖤🤍🖤🤍🖤Co-owner of Full Squad Gaming and esports personality Jake &quot;JakeSucky&quot; Lucky shared the organization's update on his Twitter handle and stated:Jake Lucky@JakeSuckyTSM has reassured their fan base that the Org is both profitable and financially sound even with the news that their primary sponsor FTX has filed for bankruptcy225132TSM has reassured their fan base that the Org is both profitable and financially sound even with the news that their primary sponsor FTX has filed for bankruptcy https://t.co/fi3dJiizuIThe CEO and founder of Team New Age, Kirsh, wanted to know how TSM is still profitable after the team's title sponsor filed for bankruptcy:TNA Kirsh@TNAKirsh@JakeSucky Would be super interested to see how they’re profitable21@JakeSucky Would be super interested to see how they’re profitableDeadlyPG@DeadlyPG@TNAKirsh @JakeSucky heard tsm and g2 are basically the only profitable orgs@TNAKirsh @JakeSucky heard tsm and g2 are basically the only profitable orgsTwitter user @Atomicfreeze reminded the online community that Team SoloMid also owns a popular League of Legends analytics and player tracking tool called Blitz:Francisco@Atomicfreeze@JakeSucky Y’all really forget that TSM owns Blitz…7@JakeSucky Y’all really forget that TSM owns Blitz…Another user speculated that the wording of TSM's address suggested that the organization was looking for a new investor:Adam@Snipeasy69@JakeSucky It sounds like they’re trying to sound like a good company for a new investor@JakeSucky It sounds like they’re trying to sound like a good company for a new investorHere are some more relevant fan comments from Twitter:jake@FFlawv@JakeSucky They are a great org and doing many things right, but are they really profitable? I don’t think any org is rn@JakeSucky They are a great org and doing many things right, but are they really profitable? I don’t think any org is rnFlashey@itzFlashey@JakeSucky “Profitable”@JakeSucky “Profitable”Knightz@KnightzOwl@JakeSucky Of course they're profitable, Most people don't even Know TSM founder Owns Swift Entertainment, Which owns ICON Agency and Blitz App. It's just separate from TSM to avoid Conflict of Interest.@JakeSucky Of course they're profitable, Most people don't even Know TSM founder Owns Swift Entertainment, Which owns ICON Agency and Blitz App. It's just separate from TSM to avoid Conflict of Interest.MasWas@SilentBaconNinj@JakeSucky I dont know how people got it in their heads that TSM was suddenly going to be in trouble with the naming rights deal gone. Yes its a blow to financials but no where near enough of one to put one of the largest Esports Orgs in any sort of danger.@JakeSucky I dont know how people got it in their heads that TSM was suddenly going to be in trouble with the naming rights deal gone. Yes its a blow to financials but no where near enough of one to put one of the largest Esports Orgs in any sort of danger.For context, FTX is a cryptocurrency trading and exchange platform that has been making headlines for the past few days.The cryptocurrency exchange company filed for Chapter 11 Proceedings of bankruptcy on November 11, 2022:FTX@FTX_OfficialPress Release: Clarification on Certain Entities Not Included in Chapter 11 Filings.2308872Press Release: Clarification on Certain Entities Not Included in Chapter 11 Filings. https://t.co/rxmY2f2iTBApart from being the title sponsor of Team SoloMid, FTX was also a major sponsor of the Mercedes AMG Petronas Formula 1 team. After the cryptocurrency platform filed for bankruptcy, the German racing team removed all FTX branding from their F1 cars.

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