LightningStorm
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Heat to cut ties with bankrupt FTX, rename arena
The Miami Heat have decided to terminate their relationship with the cryptocurrency exchange FTX, which filed for bankruptcy Friday.
www.espn.com
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.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.
Wonder if Crypto.com Arena could be next.