• A federal bankruptcy court has terminated the FTX naming-rights agreement for Miami Heat’s basketball stadium.
• The agreement between Miami-Dade County and the crypto exchange ends retroactively, on Dec. 30, 2022.
• From now on, authorities in the county will be free to remove all signage, advertisements and promotional materials with the FTX name and logo.
On Wednesday, a federal bankruptcy court in Delaware terminated the FTX naming-rights agreement for the Miami Heat arena. The agreement between Miami-Dade County and the crypto exchange ended retroactively on Dec. 30, 2022. This means that the sports venue will no longer 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.
The FTX naming-rights agreement for the Miami Heat arena was part of a 19-year, $135-million sponsorship deal between the crypto trading platform and Miami-Dade County. The agreement, which came into effect in June 2021, was to be paid in installments, with the next payment of $5.5 million due on Jan. 1, 2023. However, when the company filed for Chapter 11 bankruptcy protection in November, Miami Heat and Miami-Dade County decided to terminate their business relationships with FTX and find a new naming-rights partner.
This decision was followed by a photo circulated on social media, showing workers dismantling the FTX sign on the building’s rooftop. The FTX branding is also on the basketball court and over the arena’s entrances. In his Dec. 11 order, Judge John T. Dorsey stated that terminating of the naming rights shall be effective from the date of the order.
As a result of the court order, Miami-Dade County has now begun the process of finding a new naming-rights partner for the Miami Heat arena. It is expected that the county will be able to find a new partner in the near future that will not only provide financial support to the county but also help to promote the Miami Heat brand.