MIAMI (AP) — The world the place the Miami Warmth play will quickly have a brand new title, after the staff and Miami-Dade County determined Friday to terminate their relationship with FTX on the identical day the cryptocurrency trade filed for chapter.
The constructing had been referred to as FTX Area since June 2021, and a 19-year, $135 million sponsorship settlement between FTX and the county was simply getting began.
In a joint assertion Friday evening, Miami-Dade County Mayor Daniella Levine Cava and the Warmth mentioned the information relating to FTX was “extraordinarily disappointing.”
“Miami-Dade County and the Miami Warmth are instantly taking motion to terminate our enterprise relationships with FTX, and we shall be working collectively to discover a new naming rights accomplice for the world,” the assertion learn.
FTX entered into a variety of sports-related offers, together with with Mercedes for Formulation One racing and a sponsorship cope with Main League Baseball — whose umpires put on the corporate’s brand. Earlier Friday, Mercedes mentioned it might instantly take away FTX logos from its Formulation One automobiles.
A number of the prime athletes on the earth additionally had FTX offers, together with Tampa Bay Buccaneers quarterback Tom Brady and Golden State Warriors guard Stephen Curry.
Miami-Dade County, which owns the world and negotiated the naming rights deal, struck the settlement with FTX in March 2021. The title of the constructing modified from AmericanAirlines Area to FTX Area three months later.
The Warmth have been to obtain $2 million a yr as a part of the deal.
Many of the relaxation — roughly $90 million over the lifetime of the settlement — was to be paid to the county, the overwhelming majority of it earmarked towards preventing gun violence and poverty.
FTX filed for chapter safety on Friday, ending a disastrous few days for what had been the third-largest cryptocurrency trade on the earth when the week started. The corporate’s CEO and founder, Sam Bankman-Fried, has resigned.
The embattled cryptocurrency trade, quick billions of dollars, sought chapter safety after the trade skilled the crypto equal of a financial institution run.
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