The Miami Heat and Miami-Dade County are ending their short-lived naming rights deal with the embroiled cryptocurrency company FTX.
The county, which owns the arena, struck a 19-year, $135 million sponsorship deal with FTX in March 2021 and renamed the stadium FTX Arena in June.
On Friday, FTX CEO Sam Bankman-Fried stepped down from his position as the company filed for Chapter 11 bankruptcy, after scrambling to shore up an $8 billion liquidity crisis that has left investors unable to claim their funds. “The reports about FTX and its affiliates are extremely disappointing,” a joint statement from the county and team read. “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 and the Miami HEAT have released the following statement
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