Miami Heat will sever relations with insolvent FTX and rename the arena.

The Miami Heat and Miami-Dade County are terminating their arena naming

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rights agreement with the insolvent cryptocurrency company FTX.

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The county, which owns the arena, agreed to a $135 million, 19-year deal in 2021

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FTX had a $5.5 million payment due in January after making a $14 million first balloon payment.

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Although the name and signage will soon be removed,

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the venue will officially still be known as FTX Arena for the Heat-Charlotte Hornets game on Saturday.

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"The reports about FTX and its affiliates are extremely disappointing,"

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"We will be working together to find a new naming rights partner for the arena."

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