The Florida team decided to make the change due to the current situation of the cryptocurrency platform.
The Miami Heat announced that it will change the name of its stadium FTX Arena after the cryptocurrency platform declared bankruptcy.
“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a statement along with Miami-Dade County. In this sense, they made sure that they made the decision to “terminate” their FTX business immediately. “We will work together to find a new partner for the stadium name,” they closed.
Formerly known as American Airlines Arena, the arena was renamed FTX Arena in 2021. According to ESPN data, FTX’s deal with the county, which owns the arena, was for 19 years and totaled $135 million. .
FTX’s bankruptcy declaration confirms the total collapse of this platform, one of the most important in the sector, valued at 32,000 million dollars and which in recent days has collapsed due to lack of liquidity and users rushing to withdraw their funds.
The world of cryptocurrencies has a remarkable relationship with the NBA. For example, the stadium of the Los Angeles Lakers changed from Staples Center to Crypto.com Arena and Stephen Curry (FTX) and LeBron James (Crypto.com) signed sponsorship agreements with companies in the cryptocurrency sector.
Cover photo: Photo by Megan Briggs/Getty Images
Source: Tycsports
I am Sandra Jackson, a journalist and content creator with extensive experience in the news industry. I have been working in the news media for over five years. During this time, I have worked as an author and editor at various outlets producing high-quality content that attracts readers from different demographics.
