Cryptocurrency

FTX, Miami-Dade end stadium sponsorship

Hull Invest

The contract that gave FTX the naming rights to Florida’s Miami Heat stadium has ended, court filings show. January 11th.

Miami-Dade County, which manages the stadium’s naming rights, has filed a motion to terminate FTX’s naming rights deal on November 22, 2022, according to the documents.

Now, FTX and Florida County have compromised, stipulating that the naming rights agreement is no longer in effect as of December 30, 2022.

With the termination of the contract, Miami-Dade County will no longer refer to the stadium as FTX Arena and will remove all references to that name on its site and in advertising materials. In addition, we will no longer ask third parties to refer to the stadium by its name.

Miami-Dade County must file a claim for damages by a set date. That date will eventually be set as part of her FTX bankruptcy proceedings.

Presumably, the end of the deal means the county will look for a new stadium sponsor.Before being sponsored by FTX, the venue was called American Airlines Arena. It is now commonly called the Miami Heat Arena, referring to the NBA home team that plays there. The venue partially retains the Miami Heat branding.

FTX originally acquired the stadium naming rights for $135 million in March 2021. The contract was expected to last until 2040.

However, FTX went out of business in November and filed for bankruptcy, seeking to terminate many of its sports contracts.

According to the Miami Herald, January 5thMore than 23 of FTX’s sports deals are pending cancellation, including deals with the Golden State Warriors and MLB.

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