Miami-Dade County has asked a federal bankruptcy court for immediate permission to end its naming rights deal with FTX and strip that brand off the arena where the NBA’s Miami Heat play.
In a motion filed Tuesday, the county — which owns the arena and negotiated the naming rights deal with FTX — said continuing to refer to the building as FTX Arena will only add to the “enduring hardships” brought on by the collapse of the cryptocurrency exchange.
“It does not appear that the Debtor will suffer harm from a termination of the Naming Rights Agreement,” the county wrote in its motion. “On the other hand, Miami-Dade County continues to supply valuable marquee naming rights and other benefits to the Debtor, to the detriment of the County’s ability to seek a new naming partner for the Arena.”
A hearing is set for mid-December. For now, FTX signage remains on the building and its name has not been changed. Tuesday’s motion was hardly unexpected. FTX filed for bankruptcy on Nov. 11, and the county and the Heat began the process of terminating their relationship with the company that same day.
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