110 replies to this topic

[Disgrace]

Looks like Mercedes' "multiple race season" sponsorship from FTX is coming to a premature end.

 

[Binance chief executive Changpeng] Zhao walked away from the table [to rescue FTX] after less than 48 hours of due diligence, having concluded the scale of the financial problems and potential wrongdoing at FTX made the deal impossible.

 

I wonder how much longer this industry, seemingly based on little more than scamming people out of their money, will have its grubby mitts in F1 and motorsport more generally.

Edited by Disgrace, 10 November 2022 - 14:51.

[Risil]

Surely the industry is based on transactions you wouldn't want to show up on your credit card statement

[Ruusperi]

If that means the end of sprint races, I'm all for their bankruptcy.

[Sash1]

FTX only needs 8 billion from your household savings, pension funds and crypto savings. To survive.... It is not a healthy company after that. It is always a*holes like that who proudly burn money on unneccesary bullshit projects like sponsoring an F1 team or a 19 year deal to sponsor a basketball arena. I once sat at a Dutch accountancy meeting (still a student) and they even invited such an idiot who was proudly burning 300k a week. Presentation with a standing ovation. To the advisors and accountants of almost all Dutch companies. An example of new businesses. Great business man. Within year this company went bankrupt, with the money of allmisguided investors with it.
I think that is the key moment that I decided not to join their league and do something totally different. (combined with the toxic culture of juniors at the great firms -20 years ago-).

[Silverstone96]

F1 didn’t lose tobacco because they chose to but because they were forced to.

Don’t expect the beginning of some moral compass from them here.

[Risil]

It is always a*holes like that who proudly burn money on unneccesary bullshit projects like sponsoring an F1 team

 

Careful now!

[SenorSjon]

Crypto.com sponsors the Sprint races... can those sprints die now?

[jjcale]

Looks at thread ... observes tone.

 

Nothing to add except:

 

I guess its not toxic when folks are saying things you agree with .....  

[Nathan]

Going bankrupt.  McLaren should be worried with all their tech sponsors as well.

[Risil]

Going bankrupt.  McLaren should be worried with all their tech sponsors as well.

 

Any in particular? I have my concerns about Gopuff.com (started out life as a hookah delivery service, hence the name).

[William Hunt]

That whole cryptocurrency business is indeed a scam business. They were also sponsoring Campos for a lot of money (wonder if Campos actually received it), very large sponsor of Boschung's (they were even said to bring up to 7 million which is huge for an F2 sponsor).

[Ross Stonefeld]

 

I guess its not toxic when folks are saying things you agree with .....  

 

Oh no, who will stand up and defend those poor poor corporations

 

That whole cryptocurrency business is indeed a scam business. They were also sponsoring Campos for a lot of money (wonder if Campos actually received it), very large sponsor of Boschung's (they were even said to bring up to 7 million which is huge for an F2 sponsor).

 

No one is dumb enough to spend 7mil without shopping the deal so that makes me think the sponsorship was used for other financial purposes 

[KWSN - DSM]

The tulips are wilting.

[Pete_f1]

So this crypto money thing is actually worth did all?

Huh...

[eibyyz]

Same as it ever was.  Wonder if ENRON sponsored any motorsport?

[JimmyTheFox]

I hope Bybit go bye-bye, the Red Bull will look so much better next season with Honda back on the rear wing. 😎

[Risil]

Same as it ever was. Wonder if ENRON sponsored any motorsport?

MCI WorldCom, the other big business bust of 2001, sponsored Della Penna in CART.

[Ross Stonefeld]

PPI.

[FirstnameLastname]

Interesting Twitter thread on these companies…

https://twitter.com/...BedJYaTtbIFw0RQ

If you would invest 10€ in floki Inu when their partnership with @alfaromeoorlen was announced you would have 0.9€ now.

If you invested 10€ in Velas token when their partnership with @ScuderiaFerrari was announced you would have 0.5€ today.

If you would invest 10€ in FTX token when their partnership with @MercedesAMGF1 was announced you would have 0.3€ today.

In addition to that all your funds on their platform are unavailable for withdrawal so your net loss is 100%.

Fantom (AlphaTauri) lost 95% of its value in the past year

Tezos (McLaren) with only 85% decrease in price within a year is winner here.

You would still have 1.5€ left out of your 10€ investment.

This is the best possible result out of all sponsors.

[Bloggsworth]

Oh Mr ponzi, where are you when we need you...

[PitViperRacing]

I think the crypto phase is what happens when people with a fantastic knowledge of technology and computers run into economics, finance and government.

No-one with any real sense (imo) ever saw crypto currencies (in their current iteration) as anything other than a fad or a way to make a quick buck. I had a friend who's incredibly competent with IT who is adamant that cryptocurrencies like bitcoin etc. are the way of the future.

No matter how hard I tried, he wouldn't believe me when I said governments would never allow a decoupled/unregulated currency become the primary medium of commerce.

[jonpollak]

I was paid a tour bonus in BitCoin back in 2017.
Sold it all in 2019. (Made me too nervous)

Like Hyacinth Buffet says… Buy Low- Sell High
Jp

[New Britain]

Same as it ever was.  Wonder if ENRON sponsored any motorsport?

 

CHAMPCAR/CART: Enron sponsors Dixon in Houston

 

https://us.motorspor...ouston/1931795/

[New Britain]

Interesting Twitter thread on these companies…

https://twitter.com/...BedJYaTtbIFw0RQ

If you would invest 10€ in floki Inu when their partnership with @alfaromeoorlen was announced you would have 0.9€ now.

If you invested 10€ in Velas token when their partnership with @ScuderiaFerrari was announced you would have 0.5€ today.

If you would invest 10€ in FTX token when their partnership with @MercedesAMGF1 was announced you would have 0.3€ today.

In addition to that all your funds on their platform are unavailable for withdrawal so your net loss is 100%.

Fantom (AlphaTauri) lost 95% of its value in the past year

Tezos (McLaren) with only 85% decrease in price within a year is winner here.

You would still have 1.5€ left out of your 10€ investment.

This is the best possible result out of all sponsors.

Tezos also sponsor Red Bull.

[ensign14]

Automatic Weapons
13 year old Girls
Afghan Poppy Farms
Republican strategists
Instagram likes

 
50-46 in the John Peel Festive Fifty 1997.

[Sash1]

You can expect twitter to go bankrupt within a month. Are they sponsoring anyone? The new CEO is wrecking the company in record time.

[F1 Mike]

Interesting Twitter thread on these companies…

https://twitter.com/...BedJYaTtbIFw0RQ

If you would invest 10€ in floki Inu when their partnership with @alfaromeoorlen was announced you would have 0.9€ now.

If you invested 10€ in Velas token when their partnership with @ScuderiaFerrari was announced you would have 0.5€ today.

If you would invest 10€ in FTX token when their partnership with @MercedesAMGF1 was announced you would have 0.3€ today.

In addition to that all your funds on their platform are unavailable for withdrawal so your net loss is 100%.

Fantom (AlphaTauri) lost 95% of its value in the past year

Tezos (McLaren) with only 85% decrease in price within a year is winner here.

You would still have 1.5€ left out of your 10€ investment.

This is the best possible result out of all sponsors.

It's right that the crypto world has flatlined, but right now is probably not a good time to count the worth of assets.

A huge portion of stocks and assets have plummeted by 70-80% over the last 18 months or so. The war and covid have left a shockwave and it's still unfolding.

But over time markets usually recover and will regain their value.

In the meantime though yeah it makes sponsorship deals look a little wobbly doesn't it?

[eibyyz]

CHAMPCAR/CART: Enron sponsors Dixon in Houston

 

https://us.motorspor...ouston/1931795/

 

Nice job of digging :-)

[Chubby_Deuce]

Who could have predicted this?

[Beri]

If that means the end of sprint races, I'm all for their bankruptcy.

 

I would like to nominate this post as post of the season.

[Peat]

MCI WorldCom, the other big business bust of 2001, sponsored Della Penna in CART.

 

 

CHAMPCAR/CART: Enron sponsors Dixon in Houston

 

https://us.motorspor...ouston/1931795/

 

 

This is so weird. When I saw the word ENRON, i instantly thought of Montoya hitting the staionary HCN at Houston in '99. Two years before the sticker was on a car there. 

My wires are so crossed. 

Edited by Peat, 11 November 2022 - 08:45.

[se7en_24]

Who could have predicted this?

The Goddamn fintech was transparent.

[Risil]

PPI.

You're right, I was confusing Della Penna with Arciero-Wells -- it was the latter that rebranded to PPI Motorsports. I associate MCI with Max Papis hauling his Toyota engine around in 1998 anyhow.

[Clatter]

It's right that the crypto world has flatlined, but right now is probably not a good time to count the worth of assets.

A huge portion of stocks and assets have plummeted by 70-80% over the last 18 months or so. The war and covid have left a shockwave and it's still unfolding.

But over time markets usually recover and will regain their value.

In the meantime though yeah it makes sponsorship deals look a little wobbly doesn't it?

I've been waiting for my shares to recover from the last financial crash, not much sign of it happening in the near future, especially in the banking sector.

[Anja]

Crypto.com sponsors the Sprint races... can those sprints die now?

 

Don't worry, 2023 will be the year of Qatar Airways Sprint Races ™. 

[BRG]

I guess the sponsorship cheque cleared OK then.  FTX stickers to remain on Mercedes.

[CSF]

I guess the sponsorship cheque cleared OK then.  FTX stickers to remain on Mercedes.

 

Who do we need to condemn this? 

[Risil]

I guess the sponsorship cheque cleared OK then. FTX stickers to remain on Mercedes.

Maybe they paid up front?

[monolulu]

FTX stickers have gone this morning.

[FLB]

Did we ever find out what (Austrian Grand-Prix sponsor) Eyetime is/was?

Edited by FLB, 11 November 2022 - 12:52.

[Chubby_Deuce]

The Goddamn fintech was transparent.

Not enough people will appreciate this post.

[JdB]

Can anybody make a list of the F1 teams and their sponsors? I would imagine most of the teams have relevant sponsors, could this mean trouble for some teams?

[SophieB]

Can anybody make a list of the F1 teams and their sponsors? I would imagine most of the teams have relevant sponsors, could this mean trouble for some teams?

via Motorsport.com

[Risil]

Hahaha

[SophieB]

Are they going to keep putting a giant red x if more go bust, like John Byrne for that future of the X Men story where they are being hunted by Sentinels.

[KWSN - DSM]

[Nathan]

Any in particular? I have my concerns about Gopuff.com (started out life as a hookah delivery service, hence the name).

 

I seen two significant crypto dealers named on Twitter this morning that have huge exposure to FTX, but I can't remember the names or find the post now.  The Hair was a messiah, many smaller fish swam in his school.

[gillesfan76]

What surprised me is the amount of seemingly intelligent people that have fallen for crypto and believed it would replace fiat currency. I guess greed clouds logic.

[Leibowitz]

Glad to see that this made up industry is tanking. Hope that same fate awaits the Sprint races.

[Leibowitz]

What surprised me is the amount of seemingly intelligent people that have fallen for crypto and believed it would replace fiat currency. I guess greed clouds logic.

Whenever you see intelligent people invested in promoting something bizzare, always assume that personal interest plays a role.

Edited by Leibowitz, 11 November 2022 - 17:43.