The Miami Heat have swiftly released a statement Friday night after reports that crypto currency exchange firm FTX has declared bankruptcy after a swift and sudden collapse earlier this week.
The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena.
We are proud of the impact our Peace & Prosperity Plan - sponsored by County Commissioner Keon Hardemon and funded through the original deal - is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in the years ahead.