Officials in Florida's Miami-Dade County are keeping an eye on the fallout from FTX's liquidity crunch and analyzing any potential impact it may have on the iconic arena where the NBA's Miami Heat plays.
Known as the FTX Arena since a $135 million naming rights deal announced and signed last year, the complex sits in the heart of downtown Miami on Biscayne Bay and also hosts non-basketball events including concerts and conferences.
“This is an evolving situation, and Miami-Dade County is currently reviewing and gathering information about FTX’s financial situation and possible next steps," a spokesperson for Miami-Dade county said in an emailed response to questions. "Should FTX be unable to meet their financial obligations under the naming rights deal, the county will explore all legal remedies.”
FTX.US, the American affiliate that founder Sam Bankman-Fried has been vocal in separating from the troubled international exchange, has invested heavily in Miami and recently named the city as its national headquarters.
Just a day before the news of the now-failed Binance takeover was announced, the company had posted a video of a new office in the city's Brickell financial district.
It hasn't been clear how much the troubles at FTX's international exchange would spill over into its U.S. operation. FTX.us and FTX.com did not immediately respond to emails sent seeking comment.
"It is far too premature for us to comment," a spokesperson for the Miami HEAT and FTX Arena said in an emailed response to questions.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.