The Miami Heat are set to rename FTX Arena after ending its naming rights deal with the bankrupt crypto firm FTX.
Miami-Dade County, which owns the arena, had signed a 19-year, $135 million deal with FTX in 2021.
“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. We will be working together to find a new naming rights partner for the arena,” released the county and the team in a joint statement.
FTX filed for Chapter 11 bankruptcy on Friday after a steep fall in crypto prices left the company unable to cover customer account withdrawals.
FTX had signed several sponsorship deals with sports teams in the past, including with the Warriors and Wizards.
