The NBA’s Miami Heat and Miami-Dade County have terminated their relationship with bankrupt cryptocurrency exchange FTX
and will search for a new naming rights partner for their arena in downtown Miami. The announcement came after the FTX group earlier on Friday filed for bankruptcy in the United States and its CEO resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.
Like other crypto companies, FTX has invested heavily in sports sponsorships. FTX had reportedly inked a reported $135 million, 19-year deal to rename the Miami arena in June 2021. Also, Major League Baseball struck a five-year deal in 2021 to name FTX as its official cryptocurrency exchange. FTX is also the official cryptocurrency exchange partner of the Mercedes-AMG Petronas Formula One Team. Even college sports has ties to FTX, with the University of California, Berkeley, signing a $17.
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