I mean, the biggest issue is saying the team is affiliated with a porn site. But if "MindGeek" sponsored an eSports team, my guess is most people would be fine with it, in part because they didn't know that it was a company that owns porn sites.

While obviously they'd restore adult content to Tumblr, my guess is they'd keep Tumblr as a somewhat mainstream brand, and not let it be too directly associated with their existing properties to maintain mainstream appeal. A YouTube competitor would fall along the same lines.