US Bankruptcy Court Terminates FTX Miami Heat’s basketball stadium naming rights deal. The sports venue was branded FTX Arena as part of a multi-year, multi-million dollar sponsorship deal between the failed cryptocurrency exchange and Miami-Dade County in 2021.
FTX signage and advertising will be removed from downtown Miami sports facilities
His FTX naming rights deal for the Miami Heat Arena was terminated Wednesday by a Delaware bankruptcy judge. rice field. According to the order, the deal between Miami-Dade County and what he was one of the largest digital asset exchanges will be retroactively terminated on December 30, 2022.
From now on, the NBA’s Miami Heat stadium will be officially called the “FTX Arena,” and county officials are free to remove all signs, advertising and promotional materials bearing the FTX name and logo. U.S. media reported that it could be removed.
Basketball Arena signed a 19-year, $135 million sponsorship deal between its cryptocurrency trading platform and Miami-Dade County, effective June 2021. Named after FTX under
Shortly after the company filed for Chapter 11 bankruptcy protection in November, Miami Heat and Miami-Dade County ended their business relationship with FTX and formed a new naming rights partner.
Following their announcement, a photo circulated on social media of what appeared to be a worker dismantling his FTX sign on the roof of a building. FTX branding is also found above the entrance to the basketball court and arena. In a Dec. 11 order, Judge John T. Dorsey said the termination of naming rights would be effective immediately.
His FTX, which has become a major cryptocurrency exchange, could go bankrupt due to liquidity issues, potentially costing his over 1 million customers a total loss of $8 billion. had. Founder and CEO Sam Bankman-Fried (SBF) has stepped down and a new management team has been appointed.
In December, SBF was arrested in the Bahamas, extradited to the United States, and charged with multiple customer and lender fraud, of which he pleaded not guilty. He has since been released on bail and is scheduled to go on trial in early October.
In 2021, FTX has signed a number of sponsorship deals with teams and organizations across various sports. Shortly after securing the naming rights to the Miami Heat’s stadium, FTX became the official cryptocurrency exchange for Major League Baseball (MLB).
Later in his September of that year, the company signed a long-term sponsorship deal with the Mercedes-AMG Petronas Formula One team. This partnership also ended after filing for bankruptcy, with Mercedes announcing that it would no longer carry his FTX logo on its vehicles.
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