He Miami Heat will no longer play in FTX Arena after a federal bankruptcy judge retroactively terminated Miami-Dade County's naming rights agreement with the cryptocurrency company.
The two parties originally agreed to a 19-year, $135 million contract to rename the building from American Airlines Arena to FTX Arena in 2021. But after the collapse of FTX and the subsequent trials and hearings surrounding the company and train CEO Sam Bankman-Friedthe team and the county requested to be released from the arrangement in November.
"The reports on FTX and its affiliates are extremely disappointing," the Heat said. said in a joint statement with Miami-Dade County. "Miami-Dade County and the Miami Heat are taking immediate steps to terminate our business with FTX, and we will work together to find a new naming rights partner for the arena."
That request was officially approved Wednesday and all FTX signage will be removed from the arena.
While there have been no updates on the arena's new name, the Heat and county released a statement saying they are working "aggressively to identify a new naming rights partner."
tom brady, steph curry among the celebrities involved in the FTX controversy
The FTX scandal spans multiple industries and has affected the sports world far beyond where the Heat play their home games.
stars like Tampa Bay Buccaneers quarterback Tom Brady and warriors of the golden state stephen curry star you could be facing possible violations after they were featured in several FTX advertisements prior to its collapse. Investors have also reportedly sued many of FTX's famous endorsers like Brady, Curry and tennis star Naomi Osaka. Subsequently, court documents showed that Brady, his ex-wife Gisele Bรผndchen and New England Patriots owner robert kraft owned significant shares in the now-bankrupt company.
lakers, Pair of scissors also play in a cryptocurrency named arena
The Heat are not the only team that accepts cryptocurrency.
Los Angeles Lakers and Clippers renamed their home arena from Staples Center to Crypto.com Arena around the same time, the Heat moved to FTX Arena in 2021. That deal is for 20 years and $700 million.
