(Miami) Miami-Dade County has petitioned a federal bankruptcy court for immediate authority to remove the FTX trademark from the Miami Heat arena.
The county owns the arena and has negotiated the rights to the name with FTX.
In a petition filed Tuesday, Miami-Dade said continuing to refer to the building as such will only add to the “ongoing difficulties” caused by the collapse of the cryptocurrency business.
“It does not appear that the debtor will be prejudiced in the event of termination of the agreement (on the name), wrote the county in its request. On the other hand, the county continues to provide a valuable showcase to the debtor, at the expense of searches to find a new partner. »
A hearing has been set for mid-December. For now, the FTX signage remains on the building and its name has not been changed.
FTX filed for bankruptcy on November 11; on the same day, County and the Heat began cutting ties with the company.
Under an agreement with Major League Baseball, umpires wore the company logo last season.
In Formula 1, Mercedes has already removed the FTX logo from its racing cars.
The Heat’s home has been called FTX Arena since June 2021.
A 19-year, $135 million sponsorship deal between FTX and the county was just getting started.
FTX’s next payment due to the county is 5.5 million, on 1is January.
The Heat were to receive $2 million a year as part of the deal.
FTX was the third largest cryptocurrency exchange.
The company, however, suffered billions in losses before filing for bankruptcy protection.
Tallahassee and Washington are investigating the Bahamas-based company and its founder, Sam Bankman-Fried. They would have invested the funds of depositors in companies without being authorized to do so.
