Tom Brady’s endorsement of disgraced cryptocurrency exchange FTX offered a lucrative payday that ultimately became worthless, according to a report.
The New York Times reported Thursday that the legendary quarterback received $30 million in compensation to endorse the now-bankrupt company in 2021. His ex-wife, Gisele Bündchen, received $18 million.
However, the Times reported that Brady’s compensation was “a deal that consisted almost entirely of FTX stock.” That stock is now worthless, following the company’s bankruptcy.
It gets worse. Brady would have been responsible for paying taxes on a portion of the endorsement deal, according to the report.
Brady’s exposure to the FTX failure isn’t over. He and Bündchen are named in a class-action lawsuit against FTX and its celebrity endorsers. NBA Hall of Famer and broadcaster Shaquille O’Neal and Golden State Warriors star Steph Curry are also named in the suit.
The civil suit claims that FTX used “false representation and deceptive conduct,” and ran a Ponzi scheme that misused and shifted customer money between accounts in a deceptive manner.
It’s never easy to lose $30 million, but Brady should be able to manage. In addition to the earnings and investments from his playing days, he signed a 10-year, $375 million contract to join Fox Sports as an NFL analyst in 2024.