A federal bankruptcy judge John Dorsey terminated the naming rights agreement between Miami-Dade county and the now-bankrupt FTX. The two sides had previously signed a 19-year $135 million deal with the cryptocurrency exchange to rename the Het home venue to FTX Arena.
The world's third-largest cryptocurrency exchange FTX filed for bankruptcy in November. The Miami Heat's FTX Arena will now officially have a new name.
A federal bankruptcy judge terminated the naming rights agreement between Miami-Dade county, which owns the venue operated by the Heat, and the now-bankrupt FTX.
In 2021, a 19-year $135 million deal was signed with the cryptocurrency exchange to rename the building to FTX Arena for the foreseeable future. Once FTX went bankrupt, its new owners requested the deal be ended retroactively to December 31st.
Judge John Dorsey approved an agreement between the company and Miami-Dade to end the $135 million agreement as of December 31st and halt the use of the FTX name by the arena.
Previously from 1999 until 2021, the Heat's home was known as the American Airlines Arena.
FTX had deals with the Golden State Warriors and the Washington Wizards as well as Stephen Curry.
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