Fun

Bankruptcy Court Terminates FTX Naming-Rights Agreement for Miami Heat Arena

News Feed - 2023-01-13 08:01:57

Bankruptcy Court Terminates FTX Naming-Rights Agreement for Miami Heat Arena


A federal bankruptcy court in the U.S. has ended the FTX naming-rights agreement for Miami Heat’s basketball stadium. The sports venue was branded FTX Arena as part of a multi-year, multi-million dollar sponsorship deal between the now-bankrupt crypto exchange and Miami-Dade County in 2021. FTX Signage and Advertising to Be Removed From Downtown Miami Sports Facility


The FTX naming-rights agreement for the Miami Heat arena was terminated on Wednesday by a federal bankruptcy judge in Delaware. According to the order, the contract between Miami-Dade County and what was one of the largest digital asset exchanges ends retroactively, on Dec. 30, 2022.


From now on, the stadium of NBA’s Miami Heat should not be officially referred to as ‘FTX Arena’ and authorities in the county will be free to remove all signage, advertisements and promotional materials with the FTX name and logo, U.S. media reported.


The basketball arena was named after FTX under a 19-year, $135-million sponsorship deal between the crypto trading platform and Miami-Dade County in effect since June 2021. The next payment to the county, $5.5 million, was due on Jan. 1, 2023.


Right after the company filed for Chapter 11 bankruptcy protection in November, Miami Heat and Miami-Dade County said they were taking steps to terminate their business relationships with FTX and find a new naming-rights partner.


Following their announcement, a photo was circulated on social media, showing what seemed to be workers dismantling the FTX sign on the building’s rooftop. The FTX branding is also on the basketball court and over the arena’s entrances. In his Dec. 11 order, Judge John T. Dorsey stated that terminating of the naming rights shall be effective immediately.


FTX, which had become a major cryptocurrency exchange, collapsed amid liquidity issues, leaving potentially over a million customers with losses totaling $8 billion. Its founder and CEO Sam Bankman-Fried (SBF) resigned and a new management team was appointed.


In December, SBF was arrested in the Bahamas, extradited to the U.S. and charged with multiple counts of defrauding clients and lenders to which he pleaded not guilty. He has since been released on bail, with his trial scheduled to begin in early October.


In 2021, FTX entered into a number of other sponsorship deals with teams and organizations from various sports. Soon after securing the naming rights for the Miami Heat’s stadium, FTX became the official crypto exchange of Major League Baseball (MLB).


Then in September of that year, the company signed a long-term sponsorship agreement with Mercedes-AMG Petronas Formula One Team. That partnership also ended after the bankruptcy filing, with Mercedes announcing its cars will no longer carry the FTX logo. Tags in this story agreement, Arena, Bankruptcy, contract, Court, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Deal, Exchange, ftx, FTX Arena, Judge, miami, Miami Heat Arena, Miami-Dade County, Naming Rights, order, partner, partnership, sponsor, Sponsorship, stadium, termination


Do you think Miami-Dade County will soon find a new naming-rights partner for the Miami Heat arena? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Airtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin EXCHANGES | 4 days ago Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange EXCHANGES | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Bitcoin Taker Sell Volume Plunges: Is BTC Gearing Up for a Major Rebound?
Este artículo también está disponible en español. Bitcoin has experienced a rollercoaster start to the week, briefly dipping below the $100,000 mark in the early hours of
Notcoin (NOT) Gears Up For Major Rally – Is $0.12 Still Within Reach?
Este artículo también está disponible en español. Notcoin (NOT) has recently been in an impressive price form rising by 19.71% in the past day to reach a local peak of $0
This Bitcoin Pullback Mirrors 2017’s Path To Parabolic Highs, Says Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
David Attlee9 hours agoObligatory license for stablecoins? What do the latest FSB guidelines meanFSB starts from the definition of “global stablecoin”, which serves as a means of payment and storage and has the poten
Publicly-Listed Bitcoin Mining Operations See Shares Skyrocket, Riot Blockchain Market Cap Reaches $1B
Publicly-Listed Bitcoin Mining Operations See Shares Skyrocket, Riot Blockchain Market Cap Reaches $1B While bitcoin’s value has captured new all-time pric
Bitcoin circles $63K as liquidity sparks hopes of 40% BTC price gains
William Suberg9 hours agoBitcoin circles $63K as liquidity sparks hopes of 40% BTC price gainsBitcoin stands to potentially gain big from global liquidity trends, analysis concludes, as the June BTC price downtrend ends.
Ezra Reguerra12 hours agoUniversities are ‘critical players’ for the future of Web3 — LBank Labs execCzhang Lin said it’s important for universities to understand Web3 and guide students toward the right vision.1
Trump Bans Chinese Payment App Giants Alipay and Wechat- Order Could Steer Billions of Dollars Toward Bitcoin
Trump Bans Chinese Payment App Giants Alipay and Wechat- Order Could Steer Billions of Dollars Toward Bitcoin Cryptocurrencies may see a boost between China and
Ground Reports Concerning Salvadoran Bitcoin Law Highlight False Narrative Painted by Influencers
Ground Reports Concerning Salvadoran Bitcoin Law Highlight False Narrative Painted by Influencers On Tuesday, Bitcoin.com News spoke with Marc Falzon, an individual who has been do
DeFi whales have millions ‘forgotten’ in bridge contracts: Arkham
Brayden Lindrea4 hours agoDeFi whales have millions ‘forgotten’ in bridge contracts: ArkhamOne of the wallets includes $1.05 million worth of funds stuck in the Optimism bridge contract, which previously received ETH
Bitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — Glassnode
Nancy Lubale2 hours agoBitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — GlassnodeData suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark
dYdX v3 compromised in an apparent DNS attack
Christopher Roark6 hours agodYdX v3 compromised in an apparent DNS attackAn attacker appears to have installed a token-draining program on the official domain for dYdX version 3.0.853 Total views2 Total sharesListen to a