Miami Heat To End Partnership With FTX

The Miami Heat will terminate their arena partnership with cryptocurrency exchange FTX.

The Miami Heat and Miami-Dade County are reportedly about to terminate their ongoing arena relationship with cryptocurrency exchange FTX. According to CNN Business, the Heat are now looking for a new naming rights partner for their arena. This termination decision comes right after the FTX group filed for bankruptcy, capping the sudden decline of the once-influential and very powerful crypto brand. FTX CEO Sam Bankman-Fried also resigned amidst the chaos, a strong sign that the crypto brand is indeed headed for a downfall.

It was in March 2021 when Miami-Dade County agreed to have FTX as the new naming rights partner of the arena. Previously called American Airlines Arena, the FTX Arena seats around 20,000 fans and served as witnesses to the three NBA championships that the Heat franchise won in 2006, 2012, and 2013. The arena also hosts other sports teams and entertainment events, including concerts by famous singers and bands and big cultural events and festivities.

According to a joint statement released by Miami-Dade Country and the Heat organization, both parties will be working together to bring in a new naming rights partner for the arena. Moreover, the Heat franchise is also removing FTX branding and logos on its facilities.

The Miami Heat has been one of the most successful NBA organizations in the past couple of decades. They have won three titles and have been in contention for the championship in almost every year. They recently made it to the 2020 NBA Finals, only to lost to LeBron James, Anthony Davis, and the Los Angeles Lakers.