The Miami Heat have announced yet another new name for their home arena on Biscayne Bay following the regrettable situation with FTX.
The cryptocurrency exchange has been forced into bankruptcy on the back of billions in losses, as has been the case with many crypto companies as of late, and will no longer hold the naming rights to the Heat’s house.
The Heat haven’t found a new naming rights partner just yet but, in the meantime, their venue will be called the Miami-Dade Arena.
“Effective Immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility’s existing signage and the changeover of branding elements will be ongoing in the coming weeks,” the team announced in an official statement on Friday.
The naming rights deal with FTX was terminated this Wednesday by a federal bankruptcy court, with company founder Sam Bankman-Fried arrested on felony fraud charges in December.
The exchange had agreed to a 19-year deal worth $135 million with the NBA team in June 2021 but things went south heading toward the end of 2022.
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The Heat are now working on removing all of the FTX logos from what’s now the Miami-Dade Arena.
