The naming rights deal between FTX and Miami-Dade County has been terminated by a federal bankruptcy court following the collapse of the cryptocurrency exchange.
FILE IMAGE - An exterior view of FTX Arena prior to a game between the Boston Celtics and Miami Heat at FTX Arena on Oct. 21, 2022, in Miami, Florida.
Terminating the rights deal "shall be effective immediately upon entry of this order," U.S. Bankruptcy Judge John T. Dorsey wrote.The downfall of FTX and its founder, Sam Bankman-Fried, has some questioning the future of cryptocurrency. LiveNOW from FOX's Josh Breslow spoke with Associate Professor Guangzhi Shang at Florida State University to answer questions about the ongoing saga.
The county owns the arena and negotiated what was to be a 19-year, $135 million naming rights deal with FTX. The Heat were to receive $2 million annually as part of that deal, which went into effect in June 2021.FTX founder at parents' home after posting $250M bond
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