Former Mercedes sponsor CEO sentenced to 25 years in prison

Sam Bankman-Fried, the former CEO of FTX, a company that previously sponsored the Mercedes Formula 1 team, has been handed a 25-year prison sentence for fraudulent activities.

Mercedes had entered into a partnership with cryptocurrency outfit FTX in 2021, prominently featuring their branding around the paddock and on the track. However, this collaboration ended before the 2022 Brazilian Grand Prix when FTX filed for bankruptcy.

Bankman-Fried was convicted in November on seven counts of fraud and conspiracy to launder money. He was also held responsible for the loss of approximately $10 billion in customer funds. His sentencing took place at Manhattan federal court, where he was ordered to forfeit $11 billion in assets to the United States government.

During the sentencing, Judge Lewis Kaplan expressed concern about Bankman-Fried’s potential to commit further crimes in the future, stating that the risk was significant. He noted the absence of remorse from Bankman-Fried for his actions, describing them as “terrible crimes.”

Following the suspension of their partnership with FTX at the 2022 Brazilian Grand Prix, Mercedes released a statement announcing the decision: “As a first step, we have suspended our partnership agreement with FTX. This means the company will no longer appear on our race car and other branded assets from this weekend.”

The 2022 Brazilian Grand Prix marked Mercedes’ most recent Formula 1 victory, with George Russell winning the sprint race and the Grand Prix itself, securing a 1-2 finish for the team alongside Lewis Hamilton. However, since then, Mercedes has struggled to claim victory amid Red Bull’s dominance of the sport.

 Ferrari’s Carlos Sainz remains the only non-Red Bull Grand Prix winner since 2022, with his latest victory coming at the Australian Grand Prix.