Imploded crypto company FTX’s hundreds of millions in sport sponsorships are being called into question and could cause other teams to review their crypto partners.
FTX — which had Tom Brady as its ambassador and became the world’s second-largest crypto exchange — signed a 19-year deal with the Miami Heat to take over naming rights of the former American Airlines Arena before filing for bankruptcy protection this month.
Now the team has terminated the $135 million FTX Arena deal and is left without a sponsor, according to a joint statement from Miami-Dade County and the Heat.
