Miami-Dade County has filed a petition in federal bankruptcy court seeking permission to terminate the naming rights agreement with FTX and remove the brand’s logo from the Miami Heat. In a petition filed on Tuesday, Miami-Dade County said that continuing to call it FTX Arena would only add “permanent hardship” to those affected by the cryptocurrency exchange company filing for bankruptcy. according to the Associated Press.
“It does not appear that the Debtor will be harmed by the termination of the Name Rights Agreement,” the county wrote in its petition. “On the other hand, Miami-Dade County continues to provide the debtor with valuable naming rights and other benefits to the detriment of the County’s ability to find a new Arena naming partner.”
Miami-Dade County owns the arena and originally negotiated the naming rights with FTX. Hearings are currently scheduled for mid-December, but the FTX graphics currently remain in the arena.
Nov. eleven, FTX has filed for bankruptcy. Shortly thereafter, the Heath and Miami-Dade County began the process of trying to end their partnership with the cryptocurrency exchange company. The Heat’s home arena was renamed the FTX Arena in June 2021, with the two parties agreeing to a $135 million 19-year sponsorship deal with the district.
FTX was due to make the next payment to Miami-Dade County on January 1, 2023. In addition, Heat was to receive $2 million a year from FTX.