|
|
|
Financial reports indicate that FTX has hired financial advisors who have analyzed whether the millions of dollars in promotional fees paid to sports celebrities before the company's dissolution last November can be reclaimed under Chapter 11. Advisors have reviewed payments made to basketball star Shaquille O'Neal, tennis star Naomi Osaka, and others, and according to court documents, the transfers must adhere to rules that allow the company to unwind transactions that occurred before the filing of Chapter 11. It is currently unclear whether FTX's advisors believe that all payments can be recovered or if any athletes or teams have already offered to refund the payments. FTX's disclosed information describes many of the transfers to athletes, teams, and leagues as prepayments related to advertising or sponsorship deals. FTX has warned that financial disclosures may be incomplete as the company lacks "detailed historical amortization information" and may be subject to further modifications in the future. |
|
Post time 12-9-2023 11:37:01
