The Florida franchise has announced that they will seek a new sponsor for their stadium
‘FTX’ had signed a contract with the Heat for 19 years and 135 million dollars
Los Miami Heat announced that they will change the name of their stadium FTX Arena after this cryptocurrency platform declared itself in bankruptcy.
“Reports regarding FTX and its affiliates are extremely disappointing,” the Heat said in a statement with Miami-Dade County. In this sense, the county and the Heat said they have made the decision to immediately “terminate” their business with FTX. “We will work together to find a new partner for the name of the stadium,” they closed.
Formerly known as American Airlines Arena, the arena was renamed FTX Arena in 2021. According to ESPN data, FTX’s deal with the county, which owns the stadium, was for 19 years and a total of $135 million.
FTX’s bankruptcy filing confirmed the total collapse of this platform, one of the most important in the sector, which came to be valued at $32 billion and that in the last days it had collapsed by lack of liquidity and with users rushing to withdraw their funds.
The world of cryptocurrencies has notable ties to the NBA. For example, the stadium Los Angeles Lakers went from being the Staples Center to the Crypto.com Arena and Stephen Curry (FTX) y LeBron James (Crypto.com) signed sponsorship deals with companies in the cryptocurrency sector.
