Why is Cal renaming its football stadium?
Cal is NOT renaming California Memorial Stadium. Rather, FTX has secured naming rights to the field, which will be known as FTX Field at California Memorial Stadium. Golden Bear fans, students, alumni, faculty and staff have had an emotional attachment to Memorial Stadium for nearly a century, and maintaining that connection is essential to the history and traditions of the University.
 
California Memorial Stadium previously had a field naming rights partner from 2014-16 when the facility was known as Kabam Field at California Memorial Stadium. Other Pac-12 schools with current naming rights agreements include USC (United Airlines Field at Los Angeles Memorial Coliseum), Washington (Alaska Airlines Field at Husky Stadium) and Washington State (Gesa Field at Martin Stadium).
 
What is the value of the partnership?
The agreement is for 10 years and valued at $17.5 million.
 
Does FTX have other sponsorships in athletics?
FTX recently announced two partnerships in professional sports. Beginning with the 2021-22 NBA season, the home of the Miami Heat will be known as FTX Arena. FTX also has an agreement with Major League Baseball and the MLB Players Association, and is MLB's first-ever umpire uniform patch partner. In addition, FTX has agreements with the NFL players Tom Brady and Trevor Lawrence, and is growing its sponsorship in esports. FTX recently signed 10 year, $210 million naming rights partnership with the esports organization Team Solomid, the largest in esports history.
 
I am not familiar with FTX. What can you tell me about the company?
FTX is the fastest-growing cryptocurrency exchange offering innovative financial products that aims to revolutionize the underlying market structure and make the world a better place through its charitable efforts. Since its launch two years ago, FTX.com has grown exponentially – achieving a record $400 billion in trading volumes during the month of April 2021 alone. FTX.com is the international cryptocurrency exchange and is not available to US users.
 
FTX.us is a leading U.S. exchange where customers can trade Bitcoin, Ethereum and other cryptocurrencies safely and securely. The company seeks to offer U.S. traders a platform that inspires their loyalty, as well as expand access to a new generation of financial tools and services to people around the United States and across the world. FTX.us believes that everyone needs a seat at the table when it comes to the future of money. For more information, visit FTX.us.
 
Is there a connection between FTX and Cal?
FTX Chief Operating Officer Sina Nader earned his bachelor's degree in humanities from Cal and was a walk-on member of the Golden Bear football team as an undergraduate. He played defensive end from 1999-2001, when he was a teammate of such players as Andre Carter, Tully Banta-Cain and Scott Fujita, and graduated in 2002. Sina's last named at the time was Pyghambarzadeh (he changed it to Nader to make life a lot easier!).
 
Who at Cal was involved in the decision?
Members of the athletic department worked with Cal Bears Sports Properties (Cal's multimedia rightsholder and local dedicated LEARFIELD team) to lead the discussions that led to the agreement with FTX. University leadership were informed throughout the process, including Chancellor Carol Christ. The approval for naming FTX Field at California Memorial Stadium came from the Space Assignments and Capital Improvements Committee, chaired by Vice Provost Lisa Alvarez-Cohen, which addresses use and assignment of campus space, capital-projects planning and the development of the capital-improvement program.
 
Are there other tie-ins outside of the field naming rights between Cal and FTX related to this partnership?
Through their new relationship, Cal Athletics and FTX will support and build out a community engagement program for the Cameron Institute for Student-Athlete Development. One of the primary focal points for the institute, the community engagement pillar helps student-athletes understand the benefits of public service and success through short-term and long-term commitments. With a significant financial investment from FTX, these efforts will initially focus on serving communities including the homeless population in Berkeley, underrepresented students and the Cal Veterans Group.
 
Why did Cal sell the naming rights to the field at California Memorial Stadium?
Field naming rights have been and are part of an overall diversified strategy to generate revenue necessary to support a long-term sustainable financial model for Cal Athletics. Additional revenue streams include media rights, ticket sales, philanthropy, and endowment income, among others. The Cal Athletics Fund, as an example, raised nearly $41 million in gifts and pledges for the 2021 fiscal year that ended June 30, a $5 million increase over the previous year. Cal Athletics also continues to meet its financial obligations for the financing of the Memorial Stadium renovation.
 
Will there be a partnership with veterans on campus?
Yes, we are excited to continue and enhance our partnership with veterans and the Cal Veteran Services Center. We have had productive discussions on how FTX and Cal Athletics can support them. We will continue to honor those to whom California Memorial Stadium is dedicated.
 
Will Cal accept cryptocurrency given this new agreement?
While LEARFIELD will accept full payment from FTX in cryptocurrency, Cal Athletics is not yet at that point, but will work with FTX to determine the best path forward. Crypto is being accepted in more locations around the country, and Cal will consider how it can introduce it when the time is right.
 
What steps is FTX taking to minimize the environmental impact of cryptocurrency?
The FTX Foundation Group recently launched the FTX Climate Program, which features four goals:

• Meeting FTX Trading Limited's ("FTX") commitment to becoming carbon neutral this year;
• Funding research and policy initiatives that will have an outsized impact on the climate crisis;
• Supporting the growth of carbon removal solutions;
• Funding other climate-related special projects.

FTX & the FTX Foundation have publicly committed to spending a minimum of $1 million this year to offset the environmental impact of cryptocurrency mining and storage. For more information, visit ftx-climate.com.