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Miami-Dade County wants FTX branding removed from Heat arena

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Miami-Dade County has petitioned a federal bankruptcy court for permission to terminate its naming rights agreement with FTX and remove the brand’s logo from the Miami Heat’s arena. In a motion that was filed on Tuesday, Miami-Dade County stated that continuing to call it FTX Arena will only add to the “enduring hardships” to those affected by the cryptocurrency exchange company’s bankruptcy filing, according to the Associated Press.

“It does not appear that the Debtor will suffer harm from a termination of the Naming Rights Agreement,” the county wrote in its motion. “On the other hand, Miami-Dade County continues to supply valuable marquee naming rights and other benefits to the Debtor, to the detriment of the County’s ability to seek a new naming partner for the Arena.”

Miami-Dade County owns the arena and originally negotiated the naming right deals with FTX. A hearing is currently set for mid-December, but FTX graphics currently remain on the arena.

On Nov. 11, FTX filed for bankruptcy. Shortly after, the Heat and Miami-Dade County began the process of attempting to end their partnership with the cryptocurrency exchange company. The Heat’s home arena was rebranded FTX Arena in June 2021 and the two sides agreed to a 19-year, $135 million sponsorship deal with the county. 

FTX was scheduled to make its next payment to Miami-Dade County on Jan. 1, 2023. Additionally, the Heat were set to receive $2 million annually from FTX.

Source link : https://www.cbssports.com/nba/news/miami-dade-county-wants-ftx-branding-removed-from-heat-arena/

Author : Chris Bengel

Publish date : 2022-11-23 16:56:15

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