NBA: FTX (cryptocurrency), title sponsor of the Miami Heat Arena for $135m over 2022-2040

FTX, a Hong Kong-based cryptocurrency trading platform, has signed a partnership agreement with Miami-Dade County (Florida, USA) to become the new title sponsor of the Miami Heat Arena (19,600 capacity) for the 2022-2040 period, announced the body on 23/03/2021.

From 2022, the venue will be known as the FTX Arena. This is the first time that a company specialised in cryptocurrency becomes the naming sponsor of an American arena.

"This partnership, which will earn the County nearly $90m (€75.5m) over 19 years, will have positive impact across our community, and we are glad to find a partner in FTX ready to invest in Miami-Dade," said Daniella Levine Cava, Mayor of Miami-Dade County. The total value of the deal will be $135m (€113.3m), according to the local daily newspaper Miami Herald. $2m will be paid annually to the Miami Heat, the resident franchise, for a total of $38m over the 19-year contract.

FTX, whose regional headquarters in North America are in California, succeeds American Airlines, the last title sponsor of the venue since its inauguration on 31/12/1999 (nearly $42m over…