Failing Cryptocurrency exchange FTX and Dubai-based airline, Emirates are set to exit the sport.
Mercedes-AMG Petronas and FTX agreed to a new long-term partnership in September 2021. However, the cryptocurrency firm seeks to raise $9.4 billion from investors and rivals as the firm falls into a major crisis, per reports.
The cryptocurrency exchange is on the brink of collapse after a sudden surge in withdrawals from customers.
The logos of the defunct cryptocurrency exchange FTX will still be visible on the car, according to Mercedes, at least this weekend in Brazil.
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Additionally, it has been claimed that Emirates, a Dubai-based airline, will exit Formula 1 after failing to reach an agreement with Liberty Media on the parameters of a new global sponsorship arrangement.
“With 24 races, we are approaching the limit,” he told Le Journal de Montreal. “But you can never say it’s over.
“Today, we are there because our success is incredible. But if we have to find a balance, I think that’s fine.
“There are many other countries that would like to host a Grand Prix. We could sign with seven or eight countries tomorrow morning, but of course, we can’t do it.”
