FTX looks to claw back millions paid to Shaq, other celebrity endorsers
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. FTX Group advisers have analyzed if certain payments dished out to athletes before the company unraveled last November can be recovered in Chapter 11 https://t.co/uvmFJG5jXR — Bloomberg Crypto (@crypto) September 8, 2023 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 ...