FTX bankruptcy judge terminates Miami Heat arena naming rights deal
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A federal bankruptcy judge approved a deal Wednesday to take FTX's name off FTX Arena, home of the NBA's Miami Heat, court documents say.
The failed cryptocurrency exchange inked a 19-year, $135 million name rights agreement in June 2021 with Miami-Dade County that paid the Heat $2 million a year.
A view of FTX Arena as fans arrive prior to Game 1 of the Eastern Conference first round series between the Miami Heat and the Atlanta Hawks April 17, 2022, in Miami, Fla. (Michael Reaves/Getty Images / Getty Images) Bitcoin, the largest cryptocurrency by market value, has fallen nearly 60% over the past twelve months. In November, the county and the team announced their intention to break the deal. The county filed a motion asking the judge presiding over FTX's bankruptcy to approve a stipulation ending the naming rights agreement. Judge John Dorsey signed off on the stipulation Wednesday. FTX HAS RECOVERED $5B IN LIQUID ASSETS, BANKRUPTCY LAWYER SAYS The stipulation is retroactive to Dec. 30, 2022. It terminates all licenses and other rights granted by FTX to Miami-Dade County pursuant to the agreement (and all sublicenses and other rights granted by Miami-Dade County to third parties under such licenses and rights) under any trademarks or trade names, including any naming rights partner marks and arena marks. FTX Arena exterior at night with Miami Heat logo (FTX Arena) Miami-Dade County will cease referring to the venue as FTX Arena in all public references going forward, use commercially reasonable efforts to remove all offsite public references to the arena name within its control, cease requiring all third parties with whom the county does business to refer to the site as FTX Arena and cease the use of any arena markets or naming rights partner marks. The agreement does not prevent either side from asserting any damage claims under the agreement. TOM BRADY OWNED MORE THAN 1M FTX SHARES BEFORE COLLAPSE, A STAKE THAT'S LIKELY GONE Signage for the FTX Arena, where the Miami Heat play, is illuminated Nov. 12, 2022, in Miami. (AP Photo/Marta Lavandier, File / AP Newsroom) CLICK HERE TO READ MORE ON FOX BUSINESS In November, Miami-Dade Mayor Daniella Levine Cava and the Miami Heat said they were disappointed by FTX's bankruptcy and were working together to find a new naming rights partner for the arena. The venue was previously named American Airlines Arena. The Associated Press contributed to this report. Source: Read Full Article
