NOV 12, 2022
BY : MANJIT BAURI
Miami Heat is ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.
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"The reports about FTX and its affiliates are extremely disappointing," the county and team said in a joint statement.
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In 2021, Miami Heat agreed to a $135 million, 19-year deal for the bayfront Heat's home court name.
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FTX had a $5.5 million payment due in January after making a $14 million first balloon payment.
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The arena will still technically be referred to as FTX Arena for Saturday's game.
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After the game between the Heat and Charlotte Hornets, signage and the name will soon come down.
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Miami-Dade County and the Miami HEAT are immediately taking action to terminate business relationships with FTX.
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They will be working together to find a new naming rights partner for the arena.
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FTX also entered into a deal with Mercedes for Formula One racing.
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Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.
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