CRYPTO NEWS: MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME.

MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME

MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME FROM THE HEAT ARENA. THE NAMING RIGHTS AGREEMENT BETWEEN MIAMI-DADE COUNTY AND FTX HAS BEEN TERMINATED, AND THE MIAMI HEAT’S HOME ARENA WILL NO LONGER BEAR THE FTX LOGO. MIAMI-DADE COUNTY HAS REQUESTED A FEDERAL BANKRUPTCY PROCEEDINGS FOR URGENT APPROVAL.

THE COUNTY, WHICH POSSESSES THE CENTER AND NEGOTIATED THE NAMING RIGHTS AGREEMENT WITH FTX, CLAIMED IN A MOTION FILED ON TUESDAY THAT CONTINUING TO REFER TO THE STRUCTURE AS THE “FTX ARENA” WILL ONLY EXACERBATE THE “ENDURING HARDSHIPS” BROUGHT ON BY THE FAILURE OF THE CRYPTOCURRENCY EXCHANGE.

MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME:

MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME
MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME FROM THE HEAT ARENA

THE COUNTY STATED IN ITS MOTION THAT “IT DOES NOT LOOK THAT THE BORROWER WILL INCUR HARDSHIP FROM A CANCELLATION OF THE NAMING RIGHTS AGREEMENT.” TO THE DETRIMENT OF THE COUNTY’S ABILITY TO FIND A NEW NAME PARTNER FOR THE ARENA, MIAMI-DADE COUNTY REMAINS TO PROVIDE THE DEBTOR WITH SIGNIFICANT ICONIC NAMING RIGHTS AND OTHER PERKS.

TO BE HELD IN THE MIDDLE OF DECEMBER. THE BUILDING’S NAME HASN’T CHANGED YET, AND THE FTX SIGNAGE IS STILL PRESENT.

THE MOTION ON TUESDAY WASN’T EXACTLY SHOCKING. THE COUNTY AND THE HEAT STARTED THE PROCESS OF SEVERING THEIR TIES TO FTX THE DAY AFTER THE FIRM WENT BANKRUPT ON NOVEMBER 11. THERE ARE MANY CONNECTIONS BETWEEN THE FTX CRASH AND THE SPORTS INDUSTRY.

TOM BRADY OF THE TAMPA BAY BUCCANEERS, STEPHEN CURRY OF THE GOLDEN STATE WARRIORS, NAOMI OSAKA OF THE TENNIS TEAM, AND UDONIS HASLEM OF THE MIAMI HEAT WERE AMONG THE ATHLETES NAMED AS DEFENDANTS IN A CLASS-ACTION COMPLAINT LAST WEEK AGAINST FTX. THE LAWSUIT CONTENDS THAT BECAUSE OF THEIR NOTORIETY, THEY WERE RESPONSIBLE FOR PUBLICISING THE COMPANY’S FAILING BUSINESS STRATEGY.

NUMEROUS ADDITIONAL SPORTS-RELATED CONTRACTS WERE ALSO SIGNED BY FTX, INCLUDING ONE WITH MERCEDES FOR FORMULA ONE RACING AND ANOTHER WITH MAJOR LEAGUE BASEBALL, WHOSE UMPIRES SPORTED THE BRAND’S EMBLEM THIS PAST SEASON. THE FTX INSIGNIA HAS ALREADY BEEN REMOVED FROM MERCEDES RACE VEHICLES.

SINCE JUNE 2021, THE STRUCTURE IN MIAMI HAS BEEN KNOWN AS FTX ARENA, AND A 19-YEAR, $135 MILLION SPONSORSHIP DEAL BETWEEN FTX AND THE COUNTY HAD JUST BEGUN. THE COUNTY IS SET TO RECEIVE $5.5 MILLION FROM FTX ON JANUARY 1ST.

THE AGREEMENT STIPULATED THAT THE HEAT WOULD MAKE $2 MILLION ANNUALLY. 

ALTHOUGH FTX WAS THE THIRD-LARGEST BITCOIN EXCHANGE, IT SUFFERED ENORMOUS LOSSES BEFORE APPLYING FOR BANKRUPTCY PROTECTION. SAM BANKMAN-FRIED, THE BAHAMAS-BASED COMPANY’S FOUNDER, AND THEIR ALLEGED USE OF DEPOSITORS’ MONEY WITHOUT THEIR CONSENT ARE THE TARGETS OF STATE AND FEDERAL AUTHORITIES’ INVESTIGATING.

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CRYPTO NEWS: MIAMI-DADE REQUESTS THE OPTION OF REMOVING THE FTX NAME.

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