Advisers working for FTX have analyzed if some payments made by the failed crypto exchange to sports stars and organizations can be returned. The money went to celebrity athletes, including basketball legend Shaquille O’Neal, and sports teams like the NBA’s Miami Heat and Formula 1’s Mercedes under sponsorship and advertising deals.
FTX Advisers Review Payments to O’Neal, Naomi Osaka and Others
Financial advisers hired by the new management of FTX have examined the possibility of recovering millions of U.S. dollars paid to professional athletes, sports clubs, and associations that promoted the digital asset exchange before it collapsed last fall.
Court documents quoted by Bloomberg reveal that the experts have reviewed payments to former National Basketball Association (NBA) player Shaquille O’Neal (Shaq) and tennis star Naomi Osaka among others to determine if these can be reversed under rules that apply to transactions made just before a Chapter 11 filing.
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