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The Miami Heat has just released a statement regarding the naming rights of the arena.
Crypto exchange FTX filed for bankruptcy on Friday, November 11th so now the county and the Miami Heat have announced they are terminating business relationships with FTX.
According to the naming rights contract, staff can terminate the contract over the company’s default and begin the search for another sponsor which is exactly what happened today.
The original deal was for 19 years and totaled 90 million dollars but after this, it appears that Miami-Dade won't even get $10 million after the Miami Heat and contract brokers get their cut.