The Miami Heat and Miami-Dade County have ended their relationship with FTX and cryptocurrency bankruptcy. They will search for a new naming rights partner for their arena in downtown Miami.
The announcement came after the FTX Group went bankrupt in the U.S. on Friday, and its CEO resigned, marking a dramatic fall for one of the most significant and influential players in the cryptography industry.
In a joint statement Friday evening, Miami-Dade County and Miami Heat said, “The reports about FTX and its affiliates are extremely disappointing,” the statement read. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena. We are proud of the impact our Peace & Prosperity Plan – sponsored by County Commissioner Keon Hardemon and funded through the original deal – is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in years ahead.”
Also, on Friday, popular adult entertainment website Bang Bros announced that they would put in another bid for the naming rights to the Miami arena.
“To @MiamiHEAT, in 2019 we submitted a 10 Million Dollar bid for the naming rights to the arena, suggesting the name Bang Bros Center (The BBC),” the company posted on Twitter. “Due to recent news about FTX, we are resubmitting our offer as the new home of the Miami Heat.”