Miami Heat to cut ties with bankrupt FTX and change the name of the arena

By Sakshi

 Nov 12,2022

Miami-Dade County and the Miami Heat have ended their naming rights agreMiami Heat ement for the arena with the bankrupt cryptocurrency company FTX.

Image Source and Credit  : Google 

The county, which is the owner of the arena, has signed the 19-year, $135-million agreement to name Bayfront Heat court's title in the year 2021. 

Image Source and Credit  : Google 

After a first lump sum of $11 million, FTX was set to make a $5.5 million loan at the beginning of January.

Image Source and Credit  : Google 

The arena will continue to technically be known as FTX Arena for the game on Saturday against The Heat as well as the Charlotte Hornets, but signage and the name are expected to be removed.

Image Source and Credit  : Google 

"The reports about FTX and its affiliates are extremely disappointing," the county and team stated in the joint statement. 

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"Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. 

Image Source and Credit  : Google 

We will be working together to find a new naming rights partner for the arena."

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FTX, the cryptocurrency exchange requested Chapter 11 bankruptcy protection Friday after a dramatic drop in prices for cryptos made it impossible  

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for the company to fund accounts while customers rushed to cash out their money.

Image Source and Credit  : Google