MIAMI -- The arena where the Miami Heat play will soon have a new name after the team and Miami-Dade County decided Friday to terminate their relationship with FTX on the same day the cryptocurrency exchange filed for bankruptcy.
The building had been called FTX Arena since June 2021, and a 19-year, $135 million sponsorship agreement between FTX and the county was just getting started.
In a joint statement Friday night, Miami-Dade County Mayor Daniella Levine Cava and the Heat said the news regarding FTX was "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," the statement read.