Bankrupt cryptocurrency exchange FTX is seeking to terminate its $135 million, 19-year deal for the naming rights to the arena of the NBA’s Miami Heat. The facility is owned by Miami-Dade County, Florida.
As part of the deal, FTX has already paid $20 million to the county and is due to pay $5.5 million this month. Due to this, the company is seeking to have a judge date the contract’s termination retroactively to Saturday, before the new year.
The county and team also requested the termination of the marketing deal back in November, and both parties put out a joint statement announcing their desire to terminate the deal.