Miami-Dade County and the Miami Heat are ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.
via: Uproxx
After being known as American Airlines Arena for more than two decades, the Heat and cryptocurrency firm FTX struck a deal for the stadium to be renamed FTX Arena.
But on Friday, the Heat and Miami-Dade County, which officially owns the building, announced that they’re on the lookout for a new stadium name. FTX filed for Chapter 11 bankruptcy protection earlier in the day in what was the largest crypto-related bankruptcy in history.
Miami-Dade County and the Miami HEAT have released the following statement pic.twitter.com/ERZo1IsZ2o
— Miami HEAT (@MiamiHEAT) November 12, 2022
“The reports about FTX and its affiliates are extremely disappointing,” the statement read. “Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena.”
Brian Windhorst of ESPN laid out the financials of the deal, which was supposed to be a 19-year naming rights agreement.
The county, which owns the arena, signed a 19-year, $135 million deal for the bayfront Heat homecourt’s name in 2021. After an initial balloon payment of $14 million, FTX was scheduled to make a $5.5 million payment in January.
The Heat are not the only NBA team that named its stadium after a crypto company. In late 2021, the Lakers and Clippers’ stadium, previously known as Staples Center, was renamed Crypto.com Arena.
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