One of the most successful NBA teams the Miami Heat has ended up canceling its partnership with cryptocurrency exchange FTX.
A federal bankruptcy judge has officially canceled Miami-Dade County (the subdivision of the territory where NBA teams are located) from its partnership with FTX. The ruling allowed the Miami Heat to remove the platform's initials from its facility.
The basketball team and FTX began working together in March 2021 after signing a deal worth $135 million. The Miami Heat renamed their home stadium from American Airlines Arena to FTX Arena and vowed to promote the trading venue during NBA games.
However, the collaboration between the two entities evaporated in November 2022 (shortly after the trading venue filed for Chapter 11 bankruptcy). At the time, the Miami Heat described FTX's demise as "extremely disappointing" and announced they were ending the relationship permanently.
It's unclear what the new name for the arena will be. Several reports late last year suggested adult entertainment company Bang Bros offered $10 million in a naming rights deal with the Miami Heat. While the National Basketball Association positions itself as a progressive league partnering with various corporations, some doubt that the "Heat" will choose a porn site as their next partner.
FTX founder, Sam Bankman-Fried, 30, was arrested in the Bahamas last month and extradited to the United States to face criminal charges in what U.S. Attorney Damian Williams called "one of the largest frauds in U.S. history." Bankman-Fried was released on bail and is scheduled to stand trial in October. He pleaded not guilty.
