Array
The Miami Heat and Miami-Dade County are ending their short-lived naming rights deal with the embroiled cryptocurrency company FTX.
The county, which owns the arena, struck a 19-year, $135 million sponsorship deal with FTX in March 2021 and renamed the stadium FTX Arena in June.
On Friday, FTX CEO Sam Bankman-Fried stepped down from his position as the company filed for Chapter 11 bankruptcy, after scrambling to shore up an $8 billion liquidity crisis that has left investors unable to claim their funds.
“The reports about FTX and its affiliates are extremely disappointing,” a joint statement from the county and team read.
