The arena where the Miami Heat play will soon have a new name, after the team and Miami-Dade County decided Friday to terminate their relationship with FTX on the same day the cryptocurrency exchange filed for bankruptcy.
FILE - Miami Heat forward Duncan Robinson drives to the basket past Golden State Warriors guard Ty Jerome during the second half of an NBA basketball game at FTX Arena, Nov. 1, 2022, in Miami. The Heat and Miami-Dade County decided Friday, Nov. 11, 2022, to terminate their relationship with FTX on the same day the cryptocurrency exchange filed for bankruptcy.
In a joint statement Friday night, Miami-Dade County Mayor Daniella Levine Cava and the Heat said the news regarding FTX was “extremely disappointing.” “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,” the statement read.
FTX entered into a number of sports-related deals, including with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball — whose umpires wear the company’s logo.
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