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NBA’s Miami Heat to end relationship with FTX and get new arena name | CNN Business



CNN

The NBA’s Miami Heat and Miami-Dade County have ended their relationship with bankrupt cryptocurrency exchange FTX and will seek a new naming rights partner for their downtown Miami arena.

The announcement came after FTX Group earlier Friday filed for bankruptcy in the United States and its CEO resigned, marking a stunning downfall for one of the industry’s biggest and most powerful players. cryptography.

Miami-Dade County and the Miami Heat said in a joint statement late Friday that the reports about FTX were “extremely disappointing” and that they would work together to find a new naming rights partner for the arena, which does not was renamed as FTX Arena last year. .

Like other crypto companies, FTX has invested heavily in sports sponsorships. FTX would have inked a grossed $135 million19-year contract to rename the Miami arena in June 2021.

Additionally, Major League Baseball entered into a five-year agreement in 2021 to name FTX as its official cryptocurrency exchange. FTX is also the official cryptocurrency exchange partner of the Mercedes-AMG Petronas Formula 1 team.

Even college sports has ties to FTX, with the University of California, Berkeley signing a 10-year, $17.5 million naming rights partnership in 2021 for the school’s football stadium.

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#NBAs #Miami #Heat #relationship #FTX #arena #CNN #Business #Crypto

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