Cryptocurrency sponsorship swept its way into F1. But, the collapse of FTX suggests that tide is on its way out. Feature:
Twenty years ago Formula 1 suffered an exodus of giant telecoms sponsors. Companies which rode the internet wave were then wiped out when investor confidence dissolved in the face of mounting losses and appalling governance. The dot-com bubble had well and truly burst.
Nortel and Lucent were two such organisations. The former’s value crashed from £186billion to £2bn in two years, the latter collapsed after an £86million ‘accounting error’ was followed by sales in one quarter being overstated to the tune of £482m.
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