Heat cut ties with bankrupt FTX, to rename arena

MIAMI -- The arena wherever the Miami Heat play volition soon person a caller name, aft the squad and Miami-Dade County decided Friday to terminate their narration with FTX connected the aforesaid time the cryptocurrency speech filed for bankruptcy.

The gathering had been called FTX Arena since June 2021, and a 19-year, $135 cardinal sponsorship statement betwixt FTX and the region was conscionable getting started.

In a associated connection Friday night, Miami-Dade County Mayor Daniella Levine Cava and the Heat said the quality regarding FTX was "extremely disappointing."

"Miami-Dade County and the Miami Heat are instantly taking enactment to terminate our concern relationships with FTX, and we volition beryllium moving unneurotic to find a caller naming rights spouse for the arena," the connection read.

FTX entered into a fig of sports-related deals, including with Mercedes for Formula One racing and a sponsorship woody with Major League Baseball - whose umpires deterioration the company's logo. Earlier Friday, Mercedes said it would instantly region FTX logos from its Formula One cars.

Some of the apical athletes successful the satellite besides had FTX deals, including Tampa Bay Buccaneers backmost Tom Brady and Golden State Warriors defender Stephen Curry.

Miami-Dade County, which owns the arena and negotiated the naming rights deal, struck the statement with FTX successful March 2021. The sanction of the gathering changed from AmericanAirlines Arena to FTX Arena 3 months later.

The Heat were to person $2 cardinal a twelvemonth arsenic portion of the deal. Most of the remainder -- astir $90 cardinal implicit the beingness of the statement -- was to beryllium paid to the county, the immense bulk of it earmarked toward warring weapon unit and poverty.

FTX filed for bankruptcy extortion connected Friday, ending a disastrous fewer days for what had been the third-largest cryptocurrency speech successful the satellite erstwhile the week began. The company's CEO and founder, Sam Bankman-Fried, has resigned.

The embattled cryptocurrency exchange, abbreviated billions of dollars, sought bankruptcy extortion aft the speech experienced the crypto equivalent of a slope run.