The FTX arena is no more.
FTX purchased the naming rights for the Heat arena last year in a massive 19-year, $135 million deal.
The Miami Heat announced on Friday night that it was ending its relationship with the cryptocurrency company after it went bankrupt and now they are searching for a new naming rights partner for the arena.
“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a joint statement with Miami-Dade County. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business with FTX, and we will be working together to find a new naming rights partner for the arena.”
Before FTX would take over the arena, the adult website Bang Bros would offer $10 million for the naming rights. Following the news, the porn company would state that the offer was still on the table.
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The other notable crypto arena in the sports world is Crypto.com which purchased the naming rights to the arena formerly known as Staples Center last year in a $700 million deal. Crypto.com, which is based in Singapore, is the fourth-biggest exchange in the world, per Forbes. Even college sports has ties to FTX, with the University of California, Berkeley, signing a $17.5 million, 10-year naming rights partnership in 2021 for the school’s football stadium.
The Miami Heat could use a bang of energy as the team is currently two games under .500 and sit in eleventh place in the Eastern Conference.
