Miami Heat terminate relationship with crypto sponsor FTX

Yesterday, the Miami Heat announced the termination of the contract with crypto sponsor FTX. Just last year, the Miami Heat ended their stadium name right relationship with the American Airlines, and signed a 19 year $135m dollar deal with crypto firm FTX.

“FTX arena“ in Miami

Following the termination of the deal, the Heat are now working on finding a new partner for the naming rights deal of the arena together with the Miami-Dade county.

Why did the deal get terminated?

Yesterday, FTX declared their bankruptcy following a crashed deal with binance, the biggest crypto platform in the US. Furthermore, CEO Sam Bankman-Fried resigned from FTX. This caused a big chaos in the crypto market. The next weeks could show us possible following developments in this case.

Official Statement by Miami Heat

The Heat statement confirms that “the reports about FTX and its affiliates are extremely disappointing“. They are proud of the impact the Peace & Prosperity Plan is having which was funded trough the original deal and are looking forward to continue funding these programs in the next years with a new partner.