Miami.- The naming right agreement between FTX and Miami-Dade County ended this Wednesday after a federal court ruling, a measure that allows the name ‘FTX’ to be removed from the arena that is considered the stadium and home of the Miami Heat .
Neither the Heat nor the county have communicated when the process of removing the FTX logo from the stadium roof, the basketball court, the entrances, the uniforms worn by security personnel and the electronic cards used by employees to access the stadium will begin. to the facilities.
The cancellation of the agreement “shall be effective immediately upon the entry into force of this order,” Judge John T. Dorsey said.
Miami-Dade County filed for termination of the naming rights agreement in November, alleging that continuing to refer to the stadium as FTX Arena would only aggravate the “difficulties” caused by the cryptocurrency exchange’s failure.
The county owns the stadium and negotiated a 19-year, $135 million contract with FTX for the naming rights.
The Heat were to receive $2 million annually as part of that deal, which took effect in June 2021.
FTX’s next payment to the county was to have been $5.5 million on January 1.
The FTX cryptocurrency buying and selling platform filed for bankruptcy last year, with a debt of around $3.1 billion to its top 50 creditors.
The collapse of the world’s second-largest cryptocurrency exchange has shaken confidence in the already troubled virtual currency market.
