One of the most successful NBA teams – Miami Heat – finally annulled its partnership with the cryptocurrency exchange FTX.
As a result, the home ground of the basketball giant will no longer be called FTX Arena.
Cutting All Ties
A federal bankruptcy judge officially canceled the collaboration between Miami-Dade County (the territorial division where the NBA team is located) and FTX. The ruling determined that Miami Heat is allowed to remove the platform’s initials from its facility.
The basketball squad and FTX started their partnership in March 2021 after inking a $135 million agreement. Miami Heat renamed its home ground from AmericanAirlines Arena to FTX Arena and vowed to promote the trading venue during its NBA matches.
However, the collaboration between the two entities vanished in November 2022 (shortly after the trading venue filed for bankruptcy protection). Back then, Miami Heat described FTX’s demise as “extremely disappointing,” declaring it will permanently end the relationship.
