The Miami Heat‘s arena got renamed a little more than a year ago, and due to recent events, the name is about to change again. After being known as American Airlines Arena for more than two decades, the Heat and cryptocurrency firm FTX struck a deal for the stadium to be renamed FTX Arena.
But on Friday, the Heat and Miami-Dade County, which officially owns the building, announced that they’re on the lookout for a new stadium name. FTX filed for Chapter 11 bankruptcy protection earlier in the day in what was the largest crypto-related bankruptcy in history.
Miami-Dade County and the Miami HEAT have released the following statement pic.twitter.com/ERZo1IsZ2o
— Miami HEAT (@MiamiHEAT) November 12, 2022
“The reports about FTX and its affiliates are extremely disappointing,” the statement read. “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.”
Brian Windhorst of ESPN laid out the financials of the deal, which was supposed to be a 19-year naming rights agreement.
The county, which owns the arena, signed a 19-year, $135 million deal for the bayfront Heat homecourt’s name in 2021. After an initial balloon payment of $14 million, FTX was scheduled to make a $5.5 million payment in January.
The Heat are not the only NBA team that named its stadium after a crypto company. In late 2021, the Lakers and Clippers’ stadium, previously known as Staples Center, was renamed Crypto.com Arena.