Miami Heat’s home arena will get new name after FTX collapse

Nov 11, 2022, 2:17 AM | Updated: 5:20 pm
FILE - Miami Heat forward Duncan Robinson (55) drives to the basket past Golden State Warriors guar...

FILE - Miami Heat forward Duncan Robinson (55) drives to the basket past Golden State Warriors guard Ty Jerome (10) during the second half of an NBA basketball game at FTX Arena, Nov. 1, 2022, in Miami. The Heat and Miami-Dade County decided Friday, Nov. 11, 2022, to terminate their relationship with FTX on the same day the cryptocurrency exchange filed for bankruptcy. The building had been called FTX Arena since June 2021, and a 19-year, $135 million sponsorship agreement between FTX and the county was just getting started. (AP Photo/Wilfredo Lee, File)

(AP Photo/Wilfredo Lee, File)

MIAMI (AP) — The arena where the Miami Heat play will soon have a new name, after the team and Miami-Dade County decided Friday to terminate their relationship with FTX on the same day the cryptocurrency exchange filed for bankruptcy.

The building had been called FTX Arena since June 2021, and a 19-year, $135 million sponsorship agreement between FTX and the county was just getting started.

In a joint statement Friday night, Miami-Dade County Mayor Daniella Levine Cava and the Heat said the news regarding FTX was “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 arena,” the statement read.

FTX entered into a number of sports-related deals, including with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball — whose umpires wear the company’s logo. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.

Some of the top athletes in the world also had FTX deals, including Tampa Bay Buccaneers quarterback Tom Brady and Golden State Warriors guard Stephen Curry.

Miami-Dade County, which owns the arena and negotiated the naming rights deal, struck the agreement with FTX in March 2021. The name of the building changed from AmericanAirlines Arena to FTX Arena three months later.

The Heat were to receive $2 million a year as part of the deal. Most of the rest — roughly $90 million over the lifetime of the agreement — was to be paid to the county, the vast majority of it earmarked toward fighting gun violence and poverty.

FTX filed for bankruptcy protection on Friday, ending a disastrous few days for what had been the third-largest cryptocurrency exchange in the world when the week began. The company’s CEO and founder, Sam Bankman-Fried, has resigned.

The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run.

___

More AP NBA: https://apnews.com/hub/NBA and https://twitter.com/AP_Sports

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

UK police chiefs apologize to Hillsborough disaster families

LONDON (AP) — Britain’s police chiefs promised a “cultural change” on Tuesday as they apologized to families of the victims in the 1989 Hillsborough tragedy, the U.K.’s worst sports disaster which saw 97 people killed during a crush of soccer fans at an overcrowded stadium. “For what happened, as a senior policing leader, I profoundly […]
1 day ago
Kansas City Chiefs tight end Travis Kelce celebrates after the NFL AFC Championship playoff footbal...
Associated Press

Brother vs brother: Kelces prepare for Super Bowl showdown

KANSAS CITY, Mo. (AP) — Donna Kelce is going to have to pull out that now-familiar custom jersey — the one with Kansas City Chiefs tight end Travis Kelce’s front stitched to Philadelphia Eagles center Jason Kelce’s back — one more time this season. At least this time, she’ll get to see her boys in […]
1 day ago
Cincinnati Bengals quarterback Joe Burrow (9) walks back to the sidelines during the second half of...
Associated Press

Analysis: NFL wasn’t at its best in conference championships

The NFL didn’t put on its Sunday best for the conference championships. Before the San Francisco 49ers ran out of luck and quarterbacks, they were burned by a fourth-down catch by Philadelphia Eagles wide receiver Devonta Smith that wasn’t even a catch. Although Kyle Shanahan could have thrown a challenge flag, the league’s replay assist […]
1 day ago
Philadelphia 76ers' Joel Embiid reacts after a play duining the second half of an NBA basketball ga...
Associated Press

Analysis: All-Star reserve voting will lead to some snubbing

Brace yourself. There’s going to be some angry people in the NBA on Thursday night. With good reason. The votes from the coaches are now in, and on Thursday, the NBA will reveal the 14 players — seven from the Eastern Conference, seven more from the Western Conference — who got picked to be reserves […]
1 day ago
Portland Trail Blazers guard Damian Lillard, left, drives to the basket on Atlanta Hawks center Cli...
Associated Press

Lillard scores 42 as Trail Blazers hold off Hawks 129-125

PORTLAND, Ore. (AP) — Damian Lillard scored 42 points, Anfernee Simons hit a tiebreaking 3-pointer with 34 seconds left and the Portland Trail Blazers held off the Atlanta Hawks 129-125 on Monday night. Dejounte Murray had 40 points, eight rebounds and six assists for the Hawks, who played without star point guard Trae Young (ankle). […]
1 day ago
Baylor guard Keyonte George (1) looks for the basket past Texas guard Arterio Morris (2) during the...
Associated Press

Rice, Allen lead No. 10 Texas over No. 11 Baylor 76-71

AUSTIN, Texas (AP) — Sir’Jabari Rice scored 21 points and Timmy Allen added 18 to send No. 10 Texas to a 76-71 win over No. 11 Baylor on Monday night, ending the Bears’ six-game win streak and keeping the Longhorns in a share of first place in the Big 12. Rice made four 3-pointers in […]
1 day ago
Miami Heat’s home arena will get new name after FTX collapse