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MIAMI — The world the place the Miami Warmth play will quickly have a brand new title, after the group and Miami-Dade County determined Friday to terminate their relationship with FTX on the identical day the cryptocurrency alternate filed for chapter.
The constructing had been known as FTX Area since June 2021, and a 19-year, $135 million sponsorship settlement between FTX and the county was simply getting began.
In a joint assertion Friday evening, Miami-Dade County Mayor Daniella Levine Cava and the Warmth mentioned the information concerning FTX was “extraordinarily disappointing.”
“Miami-Dade County and the Miami Warmth are instantly taking motion to terminate our enterprise relationships with FTX, and we can be working collectively to discover a new naming rights companion for the sector,” the assertion learn.
FTX entered into a lot of sports-related offers, together with with Mercedes for Method One racing and a sponsorship take care of Main League Baseball – whose umpires put on the corporate’s brand. Earlier Friday, Mercedes mentioned it will instantly take away FTX logos from its Method One automobiles.
A few of the high athletes on this planet additionally had FTX offers, together with Tampa Bay Buccaneers quarterback Tom Brady and Golden State Warriors guard Stephen Curry.
Miami-Dade County, which owns the sector and negotiated the naming rights deal, struck the settlement with FTX in March 2021. The title of the constructing modified from AmericanAirlines Area to FTX Area three months later.
The Warmth had been to obtain $2 million a 12 months as a part of the deal. A lot of the relaxation — roughly $90 million over the lifetime of the settlement — was to be paid to the county, the overwhelming majority of it earmarked towards preventing gun violence and poverty.
FTX filed for chapter safety on Friday, ending a disastrous few days for what had been the third-largest cryptocurrency alternate on this planet when the week started. The corporate’s CEO and founder, Sam Bankman-Fried, has resigned.
The embattled cryptocurrency alternate, quick billions of {dollars}, sought chapter safety after the alternate skilled the crypto equal of a financial institution run.
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