Miami Heat to rename arena, seek to terminate business relationship with bankrupt crypto firm FTX – Hot Hot Hoops

The Miami Heat have swiftly released a statement Friday night after reports that crypto currency exchange firm FTX has declared bankruptcy after a swift and sudden collapse earlier this week.

The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena.

We are proud of the impact our Peace & Prosperity Plan – sponsored by County Commissioner Keon Hardemon and funded through the original deal – is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in the years ahead.

The statement was jointly released by the Heat organization and Miami-Dade County, who negotiated a 19-year, $135 million deal that included the naming rights of the Miami Heat’s home arena, which had previously only been known as the AmericanAirlines Arena since opening more than 20 years ago.

“This is an evolving situation, and Miami-Dade County is currently reviewing and gathering information about FTX’s financial situation and possible next steps,” a spokesperson for Miami-Dade County Mayor Daniella Levine Cava said in a statement to Front Office Sports on Thursday.

“Should FTX be unable to meet their financial obligations under the naming rights deal, the County will explore all legal remedies.”

The Heat are ending the partnership just one month after officially installing the FTX logo on the roof, according to the Sun-Sentinel’s Ira Winderman, who is also reporting that the team is already actively taking down signage related to FTX around the arena — although it will still be called FTX Arena for Miami’s game against the Charlotte Hornets on Saturday due to time constraints. Miami next hosts the Phoenix Suns on Monday before leaving for a seven-day road trip.