The FTX arena is no more.
FTX purchased the naming rights for the Heat arena last year in a massive 19-year, $135 million deal.
The Miami Heat announced on Friday night that it was ending its relationship with the cryptocurrency company after it went bankrupt and now they are searching for a new naming rights partner for the arena.
“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a joint statement with Miami-Dade County. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business with FTX, and we will be working together to find a new naming rights partner for the arena.”
Before FTX would take over the arena, the adult website Bang Bros would offer $10 million for the naming rights. Following the news, the porn company would state that the offer was still on the table.
The other notable crypto arena in the sports world is Crypto.com which purchased the naming rights to the arena formerly known as Staples Center last year in a $700 million deal. Crypto.com, which is based in Singapore, is the fourth-biggest exchange in the world, per Forbes. Even college sports has ties to FTX, with the University of California, Berkeley, signing a $17.5 million, 10-year naming rights partnership in 2021 for the school’s football stadium.
The Miami Heat could use a bang of energy as the team is currently two games under .500 and sit in eleventh place in the Eastern Conference.