The Miami Heat arena will remove the FTX advertising branding from its entrances, basketball courts and employee cards.
County officials negotiated in 2021 a $135 million deal with the crypto exchange for renaming rights to the Miami Heat's arena as FTX Arena until 2040. A number of entrances, the roof of the arena, the basketball court, the security polo shirts, as well as many of the cards employees use to access the facility are branded with FTX logos.
Following FTX’s bankruptcy filing, officials in Miami-Dade filed on Nov. 22 a motion to terminate the naming rights agreement. As part of that deal, the Heat were to receive $2 million annually beginning in June 2021. January 1 was the due date for the last payment, which should have been $5.5 million.
Sport sponsorship deals were one of FTX's key marketing strategies. One of the partnerships included a deal with a Mercedes-backed Formula 1 international racing team, the naming rights to Cal Memorial Stadium in Berkeley, California, as well as endorsements from NFL quarterback Tom Brady.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Miami-Dade wins right to strip FTX name off Heat arenaMIAMI (AP) — The naming rights deal between FTX and Miami-Dade County was terminated Wednesday by a federal bankruptcy court, a move that allows the collapsed cryptocurrency exchange's brand to be stripped from the arena where the NBA’s Miami Heat play.
Les mer »
FTX bankruptcy judge ends $135 million naming-rights deal for Miami Heat's FTX ArenaFTX Arena will be striped of its name, after a judge ended the deal between FTX and Miami-Dade County, according to several reports.
Les mer »
FTX name can be stripped from Miami Heat arena, bankruptcy court rulesThe naming rights deal between FTX and Miami-Dade County has been terminated by a federal bankruptcy court following the collapse of the cryptocurrency exchange.
Les mer »
Goodbye FTX Arena: Miami Heat Stadium Ditches Crypto SponsorA federal bankruptcy judge approved the termination of the 19-year, $135 million naming-rights deal between Miami-Dade County and FTX
Les mer »
Miami Heat Finally Rids Its Arena of FTX BrandingThe arena will be renamed after Miami-Dade was released from a sponsorship deal with the embattled crypto exchange.
Les mer »
Miami Heat break NBA record with perfect 40-for-40 performance from free throw lineMiami went 40-for-40 from the free throw line, breaking the NBA record for most free throws without a miss, in a 112-111 victory over Oklahoma City.
Les mer »