The major league arena, the Miami Heat’s downtown Arena in the US has decided to terminate its naming rights with the cryptocurrency platform FTX after the recent demise of the cryptocurrency platform FTX. the platform might file the bankruptcy soon, if it is not able to get any investors or acquisition offer in the next few days.
The team and Miami-Dade County stated on Friday that they will take quick actions to termite all the business contracts with the FTX platform. In this manner, the FTX platform will lose the naming rights with the Miami Heat Arena along with the team’s home at Biscayne Boulevard. In continuation of the process, the Heat authorities are also going to remove the FTX banding at the arena from Friday and they are yet to assign a new interim name to the faculty.
The area was having the name American Airlines before it was transferred to FTX last year. In march 2021, Miami-Dade County agreed to make a 19 year contract at $135 million with the FTX platforms for the naming rights to the main heat arena along with the Biscayne Bay and this has been completed with the remaining of the facility in the next three months.
In continuation of this name change agreement, the FTX logo was formally located on the roof of the arena after the replacement of the logo of American Airlines, who moved from the sponsorship of Miami heart arena last year.
The CEO of FTX Sam Bankman-Fried resigned from the company after the loopholes in regulation and inappropriate funds management in the company were proved in the company. The FTX filed for bankruptcy on Friday.
Who all terminated their contract with FTX?
The world-famous car maker, Mercedes had its sponsorship agreement with the FTX and was depicting its logo on its formula one racing cars. The company stated in its public statements that it will terminate the contract and will remove the logos from its racing cars.
The doomed crypto platform FTX has significant entry into the sports realm along with the Miami Heat’s arena. The company has sponsorship agreements for the uniforms with the baseball majors Leagues in the US. The company had also acquired the naming rights for the football field of Cal-Berkeley.
The company did marketing agreements with sports players like Stephen Curry, Tom Brady, and Shohei Ohtani. The caption of Miami Heat Udonis Haslem was also featured in the commercials of the FTX platform and for the broadcast of the FTX inside the Miami heat arena. But he has mentioned in his recent statements that he was not an investor in the FTX platform.