Miami-Dade gains right to remove FTX name from Heat arena

Miami-Dade County volition soon commencement to remove FTX's advertizing marque from the NBA’s Miami Heat arena, aft granting the close from a United States bankruptcy justice successful Delaware connected Jan. 11, the Associated Press reports.  

County officials negotiated successful 2021 a $135 cardinal woody with the crypto speech for renaming rights to the Miami Heat's arena arsenic FTX Arena until 2040. A fig of entrances, the extortion of the arena, the hoops court, the information polo shirts, arsenic good arsenic galore of the cards employees usage to entree the installation are branded with FTX logos.

Following FTX’s bankruptcy filing, officials successful Miami-Dade filed connected Nov. 22 a question to terminate the naming rights agreement. As portion of that deal, the Heat were to person $2 cardinal annually opening successful June 2021. January 1 was the owed day for the past payment, which should person been $5.5 million.

Sport sponsorship deals were 1 of FTX's cardinal selling strategies. One of the partnerships included a woody with a Mercedes-backed Formula 1 planetary racing team, the naming rights to Cal Memorial Stadium successful Berkeley, California, arsenic good arsenic endorsements from NFL backmost Tom Brady.

Related: FTX has recovered implicit $5B successful currency and liquid crypto: Report

Professional esports enactment Team SoloMid (TSM) besides suspended a $210 cardinal woody with FTX, Cointelegraph reported. The concern took spot successful June 2021 and resulted successful the renaming of TSM to TSM FTX.

In different proceeding held by justice John T. Dorsey, an lawyer representing the collapsed crypto speech stated that FTX has “recovered $5 cardinal successful currency and liquid cryptocurrencies.”, though its liabilities scope $8.8 billion. Additionally, Judge Dorsey approved a petition to support the names of FTX's clients concealed for 3 months.

Roughly 130 companies successful FTX Group — including FTX Trading, FTX US, nether West Realm Shires Services, and Alameda Research — filed for bankruptcy successful the United States connected Nov. 11, pursuing the crypto exchange's "liquidity crunch" and melodramatic collapse.