NBA: cancellation of the FTX (crypto trading) naming rights contract for Miami Heat's arena

The partnership agreement between FTX, a Hong Kong-based cryptocurrency trading platform, and Miami-Dade County (Florida, USA), for the naming of the Miami Arena (19,600 capacity), a venue that hosts the home games of the Miami Heat NBA franchise, was cancelled following a decision by the American courts on 11/01/2023.

The cancellation of this contract, which involved in particular the naming of the infrastructure as the "FTX Arena" from 2022 and which was to extend over the 2022-2040 cycle, follows the liquidation of FTX, pronounced on 11/11/2022. The partnership, estimated by the local Miami Herald newspaper to be worth a total of $135m (€113.3m), was expected to bring the county nearly $90m over 19 years (€75.5m) and $2m annually to the Miami Heat. Miami-Dade County and the Miami Heat "will now work aggressively to identify a new naming rights partner for the arena," explained the two entities.

Golden States Warriors (NBA), MLB, Tom Brady (NFL, USA), Naomi Osaka (JPN), Shaquille O'Neal (USA), Mercedes-AMG Petronas F1 Team... Numerous athletes, clubs and institutions had also…