Bankruptcy judge terminates FTX naming-rights agreement for Miami Heat arena.
A federal bankruptcy court in the U.S. has ended the FTX naming-rights agreement for Miami Heat’s basketball stadium. The sports venue was branded FTX Arena as part of a multi-year, multi-million dollar sponsorship deal between the now-bankrupt crypto exchange and Miami-Dade County in 2021.The FTX naming-rights agreement for the Miami Heat arena was terminated on Wednesday by a federal bankruptcy judge in Delaware.
From now on, the stadium of NBA’s Miami Heat should not be officially referred to as ‘FTX Arena’ and authorities in the county will be free to remove all signage, advertisements and promotional materials with the FTX name and logo, U.S. media reported.between the crypto trading platform and Miami-Dade County in effect since June 2021. The next payment to the county, $5.5 million, was due on Jan. 1, 2023.
FTX, which had become a major cryptocurrency exchange, collapsed amid liquidity issues, leaving potentially over a million customers with losses totaling $8 billion. Its founder and CEO Sam Bankman-Fried resigned and a new management team was appointed.
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