Fast Five: Formula 1 and MLB face fraud suits for promoting FTX, McLaren inks major deal with Monster Energy, and other big updates

Formula 1 and MLB face fraud suits for promoting FTX

Investors seeking to recover $11 billion in losses from the FTX cryptocurrency exchange are now including MLB, Formula 1, and the Mercedes racing team in class-action lawsuits. The legal action, filed in a federal court in Miami, alleges that the sports entities actively participated in FTX's massive global fraud. The lawsuit points out MLB's promotion of FTX as its official cryptocurrency exchange brand and Formula 1's association with the Mercedes racing team, both of which ended when FTX collapsed in November 2022. FTX's former CEO, Sam Bankman-Fried, convicted of wire fraud and money laundering, faces up to 110 years in prison. Athletes and celebrities, including Tom Brady and Stephen Curry, who endorsed FTX, have faced legal challenges, with some settling or seeking removal from the lawsuits. Attorneys for the endorsers argue that sponsorships did not encourage deposits in FTX accounts, and endorsers are not responsible for FTX's misappropriation and mismanagement.

Click here to read the full article by Jason Owens (sports.yahoo.com)

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McLaren inks major deal with Monster Energy

McLaren's Formula 1 team has secured a sponsorship deal with Monster Energy starting in 2024, marking the end of Monster's long-standing partnership with Mercedes since 2010. While Mercedes will no longer feature Monster Energy branding, the American company's personal deal with Lewis Hamilton remains unaffected. Monster Energy has exciting plans with McLaren's current drivers, Lando Norris and Oscar Piastri. This move signifies McLaren's progress and commercial revitalization under CEO Zak Brown, who expressed enthusiasm about the new partnership and the opportunity to engage fans in innovative ways.

Click here to read the full article by Taylor Powling (motorsportweel.com)

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Why AlphaTauri's floor upset rivals

AlphaTauri gained attention with a late-season surge in Formula 1, propelled by an aggressive upgrade package introduced in Singapore. The team's progress raised concerns among rivals about its close ties with Red Bull, potentially providing an unfair advantage. The new AlphaTauri floor in Abu Dhabi further intrigued competitors, hinting at development directions for 2024 and possibly impacting Red Bull. Although specific underfloor modifications remain hidden, changes in architecture, such as the altered enclosure of lower SIPS and adjustments to the edge wing and strakes, suggest a significant overhaul aimed at optimizing performance.

Click here to read the full article by Matt Somerfield and Giorgio Piola (motorsport.com)

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Top 5 standout drivers

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All the drivers currently part of the grid have undoubtedly delivered exceptional performances throughout the 2023 season. However, five drivers have truly stood out from the rest. Alex Albon was rated fifth for his impressive performance, playing a significant role in Williams securing 7th place in the constructors, even without Logan Sargeant's single point. Discover who the other top four drivers are in this competitive mix.

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Highs and lows from the 2023 season

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The 2023 F1 season had its share of noteworthy moments. Oscar Piastri notched his first sprint race win in Qatar, Carlos Sainz took a victory in Singapore, and Max Verstappen secured a third straight win in Qatar with impressive driving. McLaren also had a double podium in Suzuka. Join Kym Illman as he reflects on the ups and downs of the 2023 season.