Miami Heat to cut ties with bankrupt cryptocurrency firm FTX and rename arena

LightningStorm

Lightning/Mets/Vikings
Dec 19, 2008
3,093
2,096
Pacific NW, USA

Miami-Dade County and the Miami Heat are ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.

The county, which owns the arena, signed a 19-year, $135 million deal for the bayfront Heat homecourt's name in 2021. After an initial balloon payment of $14 million, FTX was scheduled to make a $5.5 million payment in January.

The arena will still technically be referred to as FTX Arena for Saturday's game between the Heat and Charlotte Hornets, but signage and the name will soon come down.
Talk about a naming rights deal that aged like milk. Naming rights were signed in June 2021, now they are gone in November 2022. For perspective, Minute Maid Park was named Enron Field for longer than this.

Wonder if Crypto.com Arena could be next.
 

jkrdevil

UnRegistered User
Apr 24, 2006
42,828
12,709
Miami
They literally finished putting the lettering of the name on the roof of the arena last week (they reroofed it the arena during the summer.
 

varsaku

Registered User
Feb 14, 2014
2,571
837
United States


Talk about a naming rights deal that aged like milk. Naming rights were signed in June 2021, now they are gone in November 2022. For perspective, Minute Maid Park was named Enron Field for longer than this.

Wonder if Crypto.com Arena could be next.
While this may end crypto companies from sponsoring teams/stadiums, I wouldn't doubt this will only open more slots for sports betting companies to snatch up.
 

AfroThunder396

[citation needed]
Jan 8, 2006
39,132
23,195
Miami, FL
Miami is pushing really hard to rebrand as a hi-tech financial and technology hub. they want to be seen as a competitor to Silicon Valley. The city is giving pretty generous opportunities for tech startups and is trying very hard to be crypto-friendly.
 

Voight

#winning
Feb 8, 2012
40,705
17,088
Mulberry Street
Miami is pushing really hard to rebrand as a hi-tech financial and technology hub. they want to be seen as a competitor to Silicon Valley. The city is giving pretty generous opportunities for tech startups and is trying very hard to be crypto-friendly.

I believe their mayor wanted to be paid partly in Bitcoin.

This is the dot com bubble all over again.
 

oknazevad

Registered User
Dec 12, 2018
471
331
Probably not a good sign when your company seems less stable than a retail office supply store named after an obsolete product.
In what reality are staples obsolete?!? Sure people might not print out documents as often as they used to, but staples have a lot more uses than just attaching pages. Like closing up skin after surgery. That's the ticket: get a medical supply company that makes surgical staples to be the sponsor.
 

Voight

#winning
Feb 8, 2012
40,705
17,088
Mulberry Street
Kings: We have good news and bad news. We got paid up front, but the currency...

............is something non material that some guy made up in his basement and convinced people to buy :laugh:

Reminds me of McConnaugheys quote in Wolf of Wall STreet

"Yeah, fugazi, fogazi. It’s a wazi, it’s a woozi. It’s…fairy dust. It doesn’t exist, it’s never landed, it is no matter, it’s not on the elemental chart. It’s not f***ing real. Right?"
 

LadyStanley

Registered User
Sep 22, 2004
106,631
19,600
Sin City

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