Heat venue owner Miami-Dade County has formally petitioned a federal court that handles corporate bankruptcies for immediate permission to end its deal with FTX following the company’s collapse , and therefore to remove this mark from the room where the Heat play.
In a motion tabled Tuesdaythe county explains that continuing to call the building the “FTX Arena” will only add to the “lasting hardship” caused by the collapse of the cryptocurrency company.
A hearing is scheduled for mid-December. In the meantime, FTX remains on the building and its name is not changed.
For the record, the Florida franchise signed a 19-year naming contract with this company last year, for $135 million. After an upfront payment of $14 million, FTX was expected to make a $5.5 million payout in January. It was only last month that the logo of the cryptocurrency trading platform was formally installed on the roof of the room.
It is also recalled that FTX has concluded many agreements in the world of sport. The company had thus signed partnerships with Shaquille O’Neal, Tom Brady, Stephen Curry, Naomi Osaka, the Golden State Warriors, MLB and therefore Miami County, in order to put its name on the Heat room until 2040.
