NBA franchise Miami Heat have received a crude offer to name their stadium after a strip club following the financial collapse of previous rights holder FTX.
Last Friday, FTX filed for bankruptcy to conclude a difficult few days for the cryptocurrency exchange. The company’s CEO and founder, Sam Bankman-Fried, resigned after the firm - which has lost billions - inquired regarding bankruptcy protection.
The Heat had signed a lucrative long-term deal to name their stadium after FTX only for the cryptocurrency firm to file for bankruptcy. Miami’s stadium will no longer bear its name despite a 19-year, $135million (£113.5m) deal signed last year, which led to the building being known as the FTX Arena since June 2021.
Before the FTX deal last year, an adult website offered $10m (£8.4m) to Miami for their stadium naming rights as they planned to rename the arena. Following the news the Heat was done with FTX, the adult site tweeted the offer was still on the table.
However, it appears the unusual saga has experienced another twist. As reported by the New Times, Gregg Berger - the owner of a strip club in Miami - confirmed they have launched a rival offer of $5m (£4.2m) to Miami-Dade County for the rights to rename the venue after their facility.
“We are a staple in Miami,” Berger wrote on Instagram. “and we think the fans would be behind the idea.”
The naming rights contract between the county and FTX for the stadium previously known as American Airlines Arena reportedly includes penalties of $16.5m (£14m) – plus the costs to remove the signage and decorations – should the company be unable to complete the contract.
After the firm collapsed and the deal was cancelled, the Heat organisation released a statement along with the Miam-Dade County following the news regarding FTX, which read: “The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the area.
“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.”
Meanwhile, the Heat currently possess a 7-8 record amid a difficult start to the 2022/23 NBA season. Miami lie in 10th place in the NBA’s Eastern Conference and face the Washington Wizards on Friday night.
