Tom Brady’s failed FTX sponsorship worth $55M, Michael Lewis –

Writer Michael Lewis told CBS 60 minutes Sam Bankman-Fried will pay Tom Brady $55 million to promote FTX, while Stephen Curry will receive $35 million.

Lewis appeared on the TV show on Sunday night, two days before the release of his next book, Going Infinite: The Rise and Fall of the New Tycoons, which profiles Bankman-Fried, the founder of failed cryptocurrency brokerage FTX. For the book, Lewis said he reviewed marketing documents detailing hundreds of millions of dollars in sponsorships from SBF and FTX to the sports industry and celebrities.

“I paid Tom Brady $55 million a year for three years to work 20 hours,” Lewis said. 60 minutes. “I paid Steph Curry $35 million over three years for the same thing.” Larry David gets $1,000 for starring in FTX 2022 Super Bowl commercial, Lewis reports million dollars in revenue.

It’s unclear how many of those deals were upfront payments or a combination of cash and equity. Representatives for Brady, Curry and David did not respond to requests for comment.

Bankman-Fried’s trial begins Tuesday with jury selection. He faces accusations that he stole billions of dollars in FTX customer deposits to fund his hedge fund, personal real estate purchases and illegal campaign contributions. Starting two years ago, Lewis conducted more than 100 interviews with the now 31-year-old. FTX crashed in November 2022, and SBF was arrested a month later. His net worth once exceeded $20 billion.

Brady, Curry, David, Naomi Osaka, Shohei Ohtani and other celebrity endorsers were sued for promoting FTX and the company’s strategies. Lawyers representing the celebrities filed motions to dismiss, insisting the lawsuit is “nonsense.” Last month, Jaguars quarterback Trevor Lawrence settled claims against him, according to a court filing. Terms have not yet been announced.

Lewis said Brady “adores” SBF. “I think Tom Brady thinks he’s a very interesting guy,” Lewis said. “I guess I liked hearing what he had to say.”

“I think as time went on, (Brady) stopped getting a really good explanation for what happened,” Lewis said. “I think he was like, ‘He cheated on me. I’m angry. I don’t want anything to do with this anymore.'”

In February, Brady retired from the NFL as the highest-paid player in league history with a net worth of $550 million, including more than $200 million in off-the-field earnings since the draft.

FTX not only sponsors athletes but also has a wide range of sports sponsorships. The company spent $135 million over 19 years to purchase the naming rights to the Miami Heat’s home stadium and put its logo on MLB umpires’ uniforms. FTX sponsors the Mercedes F1 team and the Golden State Warriors.

Lewis’s book will be published on Tuesday, when the SBF trial begins.

Source link

Leave a Comment