The Miami HEAT and Miami-Dade County will end their naming rights deal with crypto exchange FTX. The end of the deal comes days after FTX filed for bankruptcy.
Miami-Date and FTX entered an agreement that would name the arena for 19 years at $135 million. The deal was inked in March 2021.
According to Front Office Sports, the deal paid out $20 million to date. The contract included a rule that could lead to the termination of the deal if FTX entered bankruptcy. With the deal dissolving, FTX is required to pay three years in fees, equaling $16.5 million.
There are currently no details on the process for picking a new naming rights partner.
Bankruptcy is bringing the Heat’s $135 million arena deal with FTX to an end — 17 years early.
The crypto company will owe millions to Miami-Dade County for its insolvency.@owenpoindexter has more
— Front Office Sports (@FOS) November 14, 2022
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