LOOK: Miami Heat Stadium Tears Down FTX Sign• November 11, 2022 9:07 pm • Comments
The Miami Heat alongside Miami-Dade County has terminated their arena naming rights agreement with the insolvent cryptocurrency startup FTX.
Miami Dade County, which owns the arena, agreed to a 19-year, $135 million agreement for the name of the bayfront Heat homecourt in 2021. Following a $14 million balloon payment, FTX was slated to make a $5.5 million payment in January.
The facility will still be known as FTX Arena for Saturday’s game between the Heat and the Charlotte Hornets, but signage and the name will be removed soon.
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In a joint statement, the county and team said, “The reports regarding FTX and its associates are exceedingly upsetting.” “Miami-Dade County and the Miami HEAT are taking urgent measures to end our business connections with FTX.” We’ll be there.
— Paul Tasnady (@paultas35) November 11, 2022
The Miami Heat and Miami-Dade County have announced that they are terminating their relationship with FTX.
After just 526 days as FTX Arena, the Heat will be seeking a new naming rights partner for their home court. pic.twitter.com/V954JGDtRe
— Front Office Sports (@FOS) November 12, 2022
JUST IN: Miami Heat have terminated its partnership with FTX and are seeking a new naming rights partner for the arena. pic.twitter.com/EoBLYSRrE6
— Watcher.Guru (@WatcherGuru) November 12, 2022
ESPN shared these details:
FTX Arena is no more.
The Miami Heat announced on Friday night that it was ending its relationship with the cryptocurrency company after it went bankrupt this week. It is now searching for a new naming rights partner for the arena.
“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a joint statement with Miami-Dade County. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business with FTX, and we will be working together to find a new naming rights partner for the arena.”
It’s unclear when the Heat will officially go through the process of renaming the arena or what it will be called.
FTX purchased the naming rights for the Heat arena last year in a massive 19-year, $135 million deal. It was just one of several notable sports deals FTX made recently. MLB umpires wore an FTX patch on their uniforms last season, and several big names in the sports world were seen in commercials and partnerships.
— Sports Business Journal (@SBJ) November 12, 2022
The FTX Arena, home of the Miami Heat, has become the latest sports venue to sign a naming-rights agreement with a company that later found itself in financial turmoilhttps://t.co/gsK45MCaYO
— The Wall Street Journal (@WSJ) November 12, 2022
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