With the crash of cryptocurrency exchange FTX, the naming-rights holder for the Heat arena, the franchise, and Miami-Dade County stated that it would “take action immediately to terminate” its business relationship with FTX_Official
, the U.S. Securities and Exchange Commission and Justice Department are also investigating the company.
“We will be working together to find a new naming rights partner for the arena,” the statement read. “We are proud of the impact our Peace & Prosperity Plan — sponsored by County Commissioner Keon Hardemon and funded through the original deal — is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in the years ahead.
The venue will remain as FTX Arena until Saturday night’s game against the Hornets. Miami’s next home game will be Monday when the Heat face the Suns before starting a seven-day road trip, per the. Prior to Friday’s joint statement, the franchise stated that it was “far too premature” to comment on FTX’s collapse.
In March 2021, Miami-Dade County agreed to a 19-year, $135 million contract with FTX for naming rights of the facility and officially starting the agreement in June ’21. According to the, the FTX logo was formally placed on the roof of the venue, replacing the American Airlines logo. The air carrier recently exited its sponsorship with the franchise.
In addition to its affiliation with the Heat, FTX spent an extensive amount of money to secure endorsement deals with investors like Gisele Bündchen, Tom Brady and Steph Curry. The company’s logo and name is also plastered on the logos of MLB umpires. And earlier on Friday, Mercedes decided to remove FTX logos from its F1 cars as it suspends the sponsorship deal, per
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