The Miami Heat arena will remove the FTX advertising branding from its entrances, basketball courts and employee cards.
County officials negotiated in 2021 a $135 million deal with the crypto exchange for renaming rights to the Miami Heat's arena as FTX Arena until 2040. A number of entrances, the roof of the arena, the basketball court, the security polo shirts, as well as many of the cards employees use to access the facility are branded with FTX logos.
Following FTX’s bankruptcy filing, officials in Miami-Dade filed on Nov. 22 a motion to terminate the naming rights agreement. As part of that deal, the Heat were to receive $2 million annually beginning in June 2021. January 1 was the due date for the last payment, which should have been $5.5 million.
Sport sponsorship deals were one of FTX's key marketing strategies. One of the partnerships included a deal with a Mercedes-backed Formula 1 international racing team, the naming rights to Cal Memorial Stadium in Berkeley, California, as well as endorsements from NFL quarterback Tom Brady.
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