The NBA’s Miami Heat and Miami-Dade County have terminated their relationship with bankrupt cryptocurrency exchange FTX and will search for a new naming rights partner for their arena in downtown Miami.
The announcement came after the FTX group earlier on Friday filed for bankruptcy in the United States and its CEO resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.
Miami-Dade County and Miami Heat said in a joint statement Friday night that the reports about FTX are “extremely disappointing” and that they will work together to find a new naming rights partner for the arena, which was only renamed as FTX Arena last year.
Also, Major League Baseball struck a five-year deal in 2021 to name FTX as its official cryptocurrency exchange. FTX is also the official cryptocurrency exchange partner of the Mercedes-AMG Petronas Formula One Team.
Even college sports has ties to FTX, with the University of California, Berkeley, signing a $17.5 million, 10-year naming rights partnership in 2021 for the school’s football stadium.