Miami-Dade County said it would terminate its business relationship with FTX and remove the company's name on the iconic arena, home to the NBA's Miami Heat, just hours after the troubled crypto exchange filed for bankruptcy
"Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena," Miami-Dade County Mayor Daniella Levine Cava and the Miami Heat said in a joint statement. "The reports about FTX and its affiliates are extremely disappointing."
Known as the FTX Arena since a $135 million naming rights deal was 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. FTX.US, the American affiliate which was included in the bankruptcy filing, has invested heavily in Miami and recently named the city as its national headquarters.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
© 2023 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.