CNN
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The NBA’s Miami Heat and Miami-Dade County have terminated their dating with bankrupt cryptocurrency trade FTX and can seek for a brand new naming rights spouse for his or her area in downtown Miami.
The announcement got here after the FTX team previous on Friday filed for chapter within the United States and its CEO resigned, marking a surprising downfall for one of the most largest and maximum robust avid gamers within the crypto trade.
Miami-Dade County and Miami Heat stated in a joint commentary Friday evening that the experiences about FTX are “extremely disappointing” and that they’re going to paintings in combination to discover a new naming rights spouse for the sector, which used to be best renamed as FTX Arena closing 12 months.
Like different crypto corporations, FTX has invested closely in sports activities sponsorships. FTX had reportedly inked a reported $135 million, 19-year deal to rename the Miami area in June 2021.
Also, Major League Baseball struck a five-year deal in 2021 to call FTX as its legitimate cryptocurrency trade. FTX may be the legitimate cryptocurrency trade spouse of the Mercedes-AMG Petronas Formula One Team.
Even school sports activities has ties to FTX, with the University of California, Berkeley, signing a $17.5 million, 10-year naming rights partnership in 2021 for the college’s soccer stadium.
