Heat seeking new naming rights partner amid FTX bankruptcy

FTX Arena (Credit: Getty Images)

The National Basketball Association's Miami Heat has announced it will be seeking a new naming rights partner for its home arena after beleaguered cryptocurrency exchange FTX filed for Chapter 11 bankruptcy in the United States.

FTX's seismic collapse this week means a planned 19-year, $135m (€114.1m at the time) deal struck between Miami-Dade County, Florida, and the crypto exchange has come to an end after just 20 months after being announced in March 2021, at the time renaming what was formerly AmericanAirlines Arena.

Miami-Dade County owns the facility and is legally responsible for securing naming rights but shares revenue with the Heat. According to reports, an interim name for FTX Arena is expected.

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