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After Formula One racing team Mercedes, Miami-Dade County and NBA franchise Miami Heat are on the verge of ending their 'business relationship' with bankrupt cryptocurrency exchange FTX. The NBA franchise will look to acquire new naming rights deal for its home arena, which is currently known as FTX Arena.
Apart from Mercedes and Miami Heat, FTX also entered into a deal with Major League Baseball, where every MLB umpire can be spotted wearing the company's logo. On Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.
In a joint statement on Friday, Miami-Dade County and Miami Heat 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. We will be working together to find a new naming rights partner for the arena."
The Heat's home stadium was opened in 1999 and was known as American Airlines Arena till the last season. In 2021, FTX signed a 19-year deal for $135 million deal for the bayfront Heat homecourt's name. The Heat were supposed to get $2 million every year while the remaining amount of around $90 million was to be paid to the county.
Although, the Heat are looking to cut ties with the crypto exchange firm, it's arena will be referred to as FTX Arena for Saturday's game against Charlotte Hornets. After a steep fall in crypto prices, FTX filed for Chapter 11 bankruptcy protection earlier on Friday.