Toronto-based singer D7

Miami Heat to cut ties with bankrupt FTX, rename arena 

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NOV 12, 2022

BY : MANJIT BAURI

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Toronto-based singer D7

Miami Heat is ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.

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Toronto-based singer D7

"The reports about FTX and its affiliates are extremely disappointing," the county and team said in a joint statement.

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Toronto-based singer D7

In 2021, Miami Heat agreed to a $135 million, 19-year deal for the bayfront Heat's home court name.

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Toronto-based singer D7

FTX had a $5.5 million payment due in January after making a $14 million first balloon payment.

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Toronto-based singer D7

The arena will still technically be referred to as FTX Arena for Saturday's game.

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Toronto-based singer D7

After the game between the Heat and Charlotte Hornets, signage and the name will soon come down.

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Toronto-based singer D7

Miami-Dade County and the Miami HEAT are immediately taking action to terminate business relationships with FTX.

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Toronto-based singer D7

They will be working together to find a new naming rights partner for the arena.

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Toronto-based singer D7

FTX also entered into a deal with Mercedes for Formula One racing.

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Toronto-based singer D7

Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.

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