Advisers hired by FTX are looking to recoup some of the money the exchange paid to several sports stars for partnerships and endorsements.

Alvarez & Marsal, financial advisers for Sam Bankman-Fried’s failed crypto exchange FTX, are reportedly probing whether millions of dollars paid to celebrity athletes, including tennis star Naomi Osaka and four-time NBA champion Shaquille O’Neal, can be recovered.

In a recent court filing, the company disclosed that it had reviewed several payments made to individual athletes, Major League Baseball (MLB), and Formula 1 racing teams to determine if they were subject to Chapter 11 rules that would allow FTX to reverse them. The advisers hope the funds may be used to offset claims made by the bankrupt exchange’s customers and creditors.

FTX used its association with sports stars and leagues such as the MLB, NBA, and Formula 1 (F1) to elevate its status. It reportedly paid $4.9 million to the MLB and $12.2 million to Formula 1 before filing for bankruptcy in November 2022.

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Author: Julius Mutunkei

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