Insolvency court ended FTX name rights agreement for Miami Heat Arena-Exchanges
Insolvency court ended FTX name rights agreement for Miami Heat Arena-Exchanges
A Federal Inclusion Court in the United States has ended the FTX name rights agreement for Miami Heat's basketball stadium. The sports facility was referred to as FTX Arena in 2021 as part of a multi-year-old sponsorship contract between the now bankrupt crypto exchange and Miami-Dade County.
FTX signage and advertising are removed from the sports facility in the city center of Miami
The FTX name rights agreement for the Miami Heat-Arena was terminated by a federal bankruptcy judge in Delaware on Wednesday. According to the arrangement, the contract between Miami-Dade County and one of the largest digital asset exchanges ends retrospectively on December 30, 2022.
From now on, the Miami Heat stadium from the NBA should no longer be officially referred to as "FTX Arena", and the district's authorities can remove all signage, advertisements and advertising materials with the name and logo of FTX, reported US media.
The basketball arena was named according to FTX under a 19-year-old $ 135 million title Sponsoringal between the crypto trading platform and Miami-Dade County in force since June 2021. The next payment to the County, $ 5.5 million, was due on January 1, 2023
right after the company said Miami Heat and Miami-Dade County that they would take steps to end their business relationships with FTX and find a new partner for name rights.
After her announcement, a photo on social media was distributed, it seemed to be working, which dismantled the FTX sign on the roof of the building. The FTX branding is also located on the basketball court and over the entrances to the arena. In his decision of December 11, judge John T. Dorsey said that the termination of the name rights would be effective.
ftx, which had developed into an important cryptocurrency exchange, collapsed in the middle of liquidity problems and potentially left over a million customers of $ 8 billion. The founder and CEO Sam Bankman-Fried (SBF) resigned and a new management team was appointed.
In December, Sbf arrested on the BAHAMAS and delivered for multiple Customer and lending of customers and lenders guilty . In the meantime he has been released against the deposit, his process should begin in early October.
in 2021 FTX concluded a number of other sponsorship contracts with teams and organizations from various sports. Shortly after securing the name rights for the stadium of the Miami Heat, FTX became the official crypto exchange of the Major League Baseball ( mlb ).
In September of the same year, the company then signed a long-term sponsorship contract with the Mercedes-AMG Petronas Formula 1 team. This partnership ended after the bankruptcy application when Mercedes announced that his cars would no longer wear the FTX logo.
Do you think Miami-Dade County will soon find a new name right-wing partner for the Miami Heat-Arena? Tell us in the comment area below.
Bedy verification : Shutterstock, Pixabay, WikiCommons