Miami Heat set to rename their arena after FTX goes bankrupt / News - Basketnews.com

Cryptocurrency exchange FTX filed for bankruptcy on Friday. Subsequently, Miami Heat and Miami-Dade County have cut ties with the company and will search for a new naming rights partner.

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The world's third-largest cryptocurrency exchange FTX filed for bankruptcy on Friday after it was no longer able to fulfill customers' withdrawal requests following several notable events.

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Consequently, the Miami Heat and Miami-Dade County have ended the arena naming rights agreement with the now-bankrupt FTX.

"The reports about FTX and its affiliates are extremely disappointing," the two parties said in a joint statement. "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."

The county owns the arena where the NBA team currently plays. 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.

FTX had deals with the Golden State Warriors and the Washington Wizards as well as Stephen Curry.

Previously from 1999 until 2021, the Heat's home was known as the American Airlines Arena.

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