The Miami Heat’s home stadium will soon have a new name after Miami-Dade County and the team opted to end their partnership with FTX on Friday, the same day that the cryptocurrency exchange filed for bankruptcy.
The Miami Heat’s home stadium will soon have a new name after Miami-Dade County and the team opted to end their partnership with FTX on Friday, the same day that the cryptocurrency exchange filed for bankruptcy.
Miami-Dade County Mayor Daniella Levine Cava and the Heat expressed their disappointment in the FTX announcement in a joint statement on Friday night.
”Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,”
Numerous sports-related agreements were made by FTX, including one with Mercedes for Formula One racing and another with Major League Baseball, whose umpires are branded with the business. Mercedes announced earlier on Friday that it will immediately take the FTX badges off of its Formula One vehicles.
Some of the best players in the world, like Golden State Warriors guard Stephen Curry and Tampa Bay Buccaneers quarterback Tom Brady, had FTX contracts.
The naming rights arrangement was negotiated by Miami-Dade County, the arena’s owner, and was reached with FTX in March 2021. Three months later, the structure’s name was changed from American Airlines Arena to FTX Arena.
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