P1racenews AI automatic summary:
It was a deal that very quickly turned sour for Mercedes.
The man who orchestrated a multi-million dollar sponsorship deal with Mercedes, which ultimately went sour, has been sentenced to 25 years in prison. The deal with cryptocurrency firm FTX was announced in September 2021 and was supposed to last for multiple seasons, encompassing various branding placements within the team. Just over a year later, ahead of the 2022 Brazilian Grand Prix, Mercedes terminated their partnership with FTX as the company filed for bankruptcy and its CEO resigned. Several other high-profile partnerships involving FTX had also crumbled, leading to legal implications for Mercedes and others involved. The man responsible for the debacle, Sam Bankman-Fried, was found guilty of wire fraud and money laundering conspiracy, resulting in a lengthy prison sentence and significant asset forfeiture.