It is still unknown who or when will assume the name by contract of the iconic sports center.
In a joint statement, Miami-Dade County Mayor Daniella Levine Cava and the Miami Heat called the news about FTX “extremely disappointing.”
“Miami-Dade County and the Miami Heat are taking immediate steps to terminate our business relationship with FTX, and we will work together to find a new naming rights partner for the arena,” the statement said.
FTX entered into a number of sports-related deals, including with Mercedes Benz for Formula One racing and a sponsorship deal with Major League Baseball, whose umpires use the company’s logo.
In fact, Mercedes Benz announced that it would immediately remove the FTX logos from its Formula One cars.
Miami-Dade County, the owner of the sports venue, conducted initial negotiations with FTX in early 2021.
According to the agreement, the Miami Heat would receive two million dollars, while the county government would receive close to 90 million dollars during the term of the agreement, which would be used mainly to combat armed violence and poverty.
FTX filed for bankruptcy on Friday, ending a few days of heavy losses for what was once the world’s third-largest cryptocurrency exchange.
The company’s president and founder, Sam Bankman-Fried, has resigned.
The sports and entertainment center was designed by architecture firms Arquitectonica and 360 Architecture and built in 1998 to replace the Miami Arena.
