Post-bankruptcy Miami Heat arena to drop FTX name
Last updated on November 15th, 2022 at 04:48 am
After the crypto exchange FTX filed for US bankruptcy protection on Friday, November 11, its name will be removed from the Miami Heat’s home arena, and the basketball team has stated that it is seeking a replacement sponsor.
Once the darling of the cryptocurrency industry, FTX and over 130 of its subsidiaries filed for voluntary bankruptcy in a dramatic fall from favor.
FTX bought the naming rights for the bayside arena for $135 million over 19 years in March 2021.
The Heat said in a statement, “The reports about FTX and its affiliates are exceedingly upsetting.”
“Miami-Dade County and the Miami Heat will immediately discontinue their business connections with FTX, and we will work together to identify a new naming rights partner for the area.”
The group stated that it was also seeking a new partner for its anti-gun violence campaign, the Peace and Prosperity Plan, which was funded by the previous agreement.
The Heat stated, “We are proud of the impact our Peace and Prosperity Plan… is already having in avoiding violence and creating opportunities for young people around Miami-Dade.”
Stephen Curry of the NBA, Tom Brady of the NFL, and Naomi Osaka of tennis are among the notable athletes with agreements with FTX.