• Miami-Dade has successfully annulled its partnership with FTX following the latter’s collapse in November.
• A federal judge ruled that the naming rights agreement between both parties on the FTX Arena be terminated immediately.
• Efforts are underway to find another naming partner for the arena as soon as possible, in the meantime the ground would be referred to as the Miami-Dade Arena.
In June 2021, Miami-Dade, one of the U.S.’s most populous counties and home to the NBA team Miami Heat, signed an agreement with FTX worth $135 million for the company to become the naming-rights partner of the playing ground of the three-time NBA champions. However, following the alarming revelations on the finances of FTX and the criminal fraud allegations levied against its CEO Sam Bankman-Fried back in November, Miami-Dade took legal action requesting to sever their business relationship with the now-bankrupt company.
On Wednesday, January 11th, the request was finally approved, resulting in the immediate removal of any representation of the FTX brand from the Heat’s home arena. According to a joint statement by the Miami-Dade leadership and the Heat basketball team, they are currently working hard to find another naming partner for the arena as soon as possible, and in the meantime the ground would be referred to as the Miami-Dade Arena.
The agreement between Miami-Dade and FTX was meant to be a 19-year deal, and while the now-bankrupt company has failed to meet those expectations, the Miami-Dade leadership is confident that the Heat basketball team will be able to find another partner soon. The Heat basketball team is one of the most successful teams in recent NBA history, having won three championships in the last ten years, and their home arena is one of the most recognizable locations in the city of Miami.
In the meantime, the Miami-Dade leadership has also stated that they are committed to protecting the citizens of the county and will continue to take all necessary steps to ensure the safety and security of the people living there. They have also stated that they will continue to monitor FTX and its activities to ensure that the company is not involved in any fraudulent activities.
The termination of the partnership between Miami-Dade and FTX is just the latest in a long line of partnerships that have ended due to the financial collapse of the company. However, the Miami-Dade leadership is confident that the Heat basketball team will be able to find a new naming partner for their home arena soon, and that the citizens of the county will be protected from any further fraudulent activities.