After FTX Crypto Collapse, The Miami Heat To Rename Their Arena
The shocking collapse of the FTX Cryptocurrency platform has sparked a Miami conundrum, what to do with the Miami Heat’s FTX Arena?
In a joint statement from Miami-Dade County Mayor Daniella Levine Cava and the Miami HEAT on the naming rights of the arena, they said “The reports about FTX and its affiliates are 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.”
FTX announced its sudden bankruptcy and loss of up to $2 Billion in client assets this weekend.
“We are proud of the impact our Peace & Prosperity Plan — sponsored by County Commissioner Keon Hardemon and funded through the original deal — is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in the years ahead,” the statement wrote.