With the crash of cryptocurrency exchange FTX, the naming-rights holder for the Heat arena, the franchise and Miami-Dade County released a joint statement on Friday, stating that it would “take action immediately to terminate” its business relationship with FTX.
The team plans to “seek a new naming rights partner” for Miami’s venue, per the statement. The news comes as FTX filed for Chapter 11 bankruptcy on Friday that included its CEO, 30-year-old Sam Bankman-Fried, resigning from the crypto industry giant. According to the Wall Street Journal, the U.S. Securities and Exchange Commission and Justice Department are also investigating the company.
“We will be working together to find a new naming rights partner for the arena,” the statement read. “We are 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, and we look forward to identifying a new partner to continue funding these important programs in the years ahead.”
