- Miami Heat ended their 19-year sponsorship deal with FTX after this week’s collapse.
- The termination of the business deal was on the same day FTX filed for bankruptcy and its CEO resigned.
- Miami-Dade County is now looking for a new naming partner that will fund its programs.
National Basketball Association team Miami Heat is now looking for a new naming rights partner for its home arena after ending its business relationship with the troubled crypto exchange FTX on Friday, the same day FTX filed for bankruptcy.
On March 2021, FTX cut a 19-year $135 million sponsorship agreement with Miami-Dade County, which owns the arena. After three months, the home court arena of the Miami Heat was changed from American Airlines Arena to FTX Arena.
According to the agreement, the NBA team will receive $2 million a year, while more than $90 million of the lifetime fund Miami-Dade County’s program to fight gun violence and poverty. However, this week’s unfortunate collapse of FTX and the controversies associated with it has led to the termination of the deal.
Before the collapse, FTX was named the third-largest crypto exchange in the world. The disaster began after large groups of depositors withdrew via the crypto exchange. On Friday, FTX concluded its disastrous week and filed for Chapter 11 bankruptcy in the US, along with the resignation of its CEO and founder, Sam Bankman-Fried.
FTX took part in numerous sports-related deals and deals with top athletes, including with Mercedes for Formula One racing, a sponsorship deal with Major League Baseball, and deals with top athletes Tom Brady and Stephen Curry. Meanwhile, Mercedes said the company will remove FTX logos from its Formula One cars.
Miami Heat’s official Twitter account disclosed that they are saddened about the reports in regard to FTX and its affiliates. Furthermore, aside from identifying a new naming partner, Miami-Dade County is also looking for someone who is capable to fund the county’s Peace & Prosperity program.
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