The cryptocurrency exchange has lost the opportunity to name the Miami Heat arena.
According to a court filing on Jan. 11, a deal that granted FTX naming rights to the Miami Heat stadium in Florida has been cancelled.
According to the document, Miami-Dade County, which owns the stadium’s naming rights, filed a move to terminate FTX’s naming rights deal on November 22, 2022.
Now, FTX and the Florida county have reached an arrangement in which the naming rights agreement will expire on December 30, 2022.
At the conclusion of the agreement, Miami-Dade County will cease to refer to the stadium as the FTX Arena and will delete all references to that name on-site and in advertising materials. It will also no longer request that third parties refer to the stadium by such name.
The county of Miami-Dade will have until a certain deadline to bring claims for damages. That date will be determined as part of FTX’s bankruptcy proceedings.
The termination of the agreement implies that the county will seek a new stadium sponsor. Prior to its sponsorship by FTX, the venue was known as the American Airlines Arena. It is currently generally known as the Miami Heat arena, after the NBA team that plays there. The venue still bears some Miami Heat logos.
FTX originally purchased the naming rights to the stadium in March 2021 for $135 million. The contract was set to expire in 2040.
However, FTX ceased business and declared bankruptcy in November, prompting it to attempt to cancel many of its sports contracts.
According to the Miami Herald on January 5, more than 23 of FTX’s sports contracts are up for renewal, including partnerships with the Golden State Warriors and Major League Baseball.