The NBA’s Miami Heat and Miami-Dade County have terminated their relationship
with bankrupt cryptocurrency exchange FTX and will search for a new naming rights
partner for their arena in downtown Miami.
The announcement came after the FTX group earlier on Friday filed for bankruptcy in
the United States and its CEO resigned, marking a stunning downfall for one of the
biggest and most powerful players in the crypto industry.
Miami-Dade County and Miami Heat said in a joint statement Friday night that the
reports about FTX are “extremely disappointing” and that they will work together to
find a new naming rights partner for the arena, which was only renamed as FTX
Arena last year.
Like other crypto companies, FTX has invested heavily in sports sponsorships. FTX
had reportedly inked a reported $135 million, 19-year deal to rename the Miami
arena in June 2021.
Also, Major League Baseball struck a five-year deal in 2021 to name FTX as its official
cryptocurrency exchange. FTX is also the official cryptocurrency exchange partner of
the Mercedes-AMG Petronas Formula One Team.
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Even college sports has ties to FTX, with the University of California, Berkeley,
signing a $17.5 million, 10-year naming rights partnership in 2021 for the school’s
football stadium.
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