In the wake of FTX’s complete collapse, FTX Arena is changing names to Miami-Dade Arena. The decision comes after both the NBA’s Miami Heat and Miami-Dade County decided to re-brand the stadium to avoid hardships from FTX’s bankruptcy, as the case makes rounds in court.
The initial deal with FTX saw the Miami Heat receiving $2 million annually. Now they’ll be working to find another naming rights partner to recoup the funds (see complete joint statement below).
“When the news first broke about FTX several weeks ago, Miami-Dade County took immediate legal action to terminate our business relationship with FTX. On January 11th, our motion to lift the automatic stay of the FTX’s bankruptcy proceedings to terminate the original naming rights agreement in its entirety was approved,” the joint statement continues.
“Miami-Dade County and the Miami HEAT will now work aggressively to identify a new naming rights partner for the arena. We remain proud of the impact our Peace & Prosperity Plan — sponsored by County Commissioner Keon Hardemon and funded through the original deal — is already having in preventing violence and creating opportunity for young people across Miami-Dade. We look forward to identifying a new partner to continue funding these and other new critical programs in the years ahead.”
For now, the future name of the stadium is unclear, but the highly desired arena could find another partner soon. Continue to check for updates on the FTX Arena name change situation here.
Photos via Facebook @MiamiDadeArena