Miami Heat of the NBA breaks ties with FTX and seeks a new arena name.

Cryptocurrency fourteen minutes ago

According to Reuters. The Miami Heat have severed ties with FTX and want a new arena name.

The Miami Heat and Miami-Dade County would also like to find a new naming rights partner for the arena.

Both teams described FTX’s bankruptcy filing as “extremely disappointing.”

For Saturday’s game, the arena will still be known as FTX Arena, but that will change soon.

In the midst of FTX Group’s bankruptcy, the NBA’s Miami Heat and Miami-Dade County announced today the termination of their relationship with the crypto exchange. They also stated that they are looking for a new naming rights partner for their downtown Miami arena.
The Miami HEAT and Miami-Dade County have issued the following statement. November 12, 2022 — Miami HEAT (@MiamiHEAT) Miami-Dade County and the Miami Heat said in a joint statement that FTX’s bankruptcy filing is “extremely disappointing.” As a result, the Miami-Dade County and Miami Heat will collaborate to find a new name for the arena, which was renamed FTX Arena just last year. FTX reportedly signed a $135 million contract to rename the Miami arena in June 2021.
The basketball teams will seek new partners to fund programs such as the ‘Peace and Prosperity’ plan, which has successfully created opportunities for people throughout Miami-Dade County.
However, the arena will still be known as FTX Arena for Saturday’s game between the Heat and the Charlotte Hornets, but signage and the name will be changed soon.
Furthermore, the Mercedes-AMG Petronas Formula One team is said to be ending its partnership with FTX. As a result, Mercedes would remove FTX logos from its Formula One cars immediately.
Interestingly, in recent years, crypto firms have heavily bet on sports partnerships, which were intended to be a strategic tactic for both industries. As a result, crypto firms have jumped on the’sports’ alliance bandwagon. FTX had also sponsored numerous sports teams and projects.
After FTX filed for Chapter 11 bankruptcy protection on Friday, the terminations were only a matter of time. The bankruptcy was declared because the company was unable to cover accounts as customers began to withdraw funds in large numbers.
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