Officially Dead: FTX’s $135 million Naming-rights Agreement for Miami Heat’s Arena
Key Points: The judge at Wednesday’s hearing in the Bankruptcy Court of Delaware cancelled the naming rights agreement between FTX, the Miami Heat and their home arena.
On November 22, Miami-Dade officials filed a motion for cancellation of the contract. The exchange filed into bankruptcy.
The arena’s owner can now seek new partners and bidders to build the structure.
At Wednesday’s hearing in the Bankruptcy Court of Delaware, the judge canceled the naming rights agreement between FTX (the Miami Heat’s home arena) and Alameda Research. At Wednesday’s hearing in the Bankruptcy Court of Delaware, a judge canceled the naming rights agreement between FTX and the Miami Heat’s home arena. The deal raised questions in the industry due to its size and the fact that the exchange was only two years old at the time. It was launched in 2019. Officials from Miami-Dade filed a motion on November 22 to cancel the contract. They were also given the authority to remove FTX signage. It is not yet known what the deal will be renamed. The exchange filed for bankruptcy in November. Bankman-Fried was taken into custody in the Bahamas in December. He was then extradited to the United States. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: AlamedaFTXMiami HeatMiami-DadeSam Bankman-Fried