Artists like Carrie Underwood and Rauw Alejandro won’t have to suffer the indignity of performing in a Miami venue named after an insolvent cryptocurrency exchange when they hit the road in t…
Artists like Carrie Underwood and Rauw Alejandro won’t have to suffer the indignity of performing in a Miami venue named after an insolvent cryptocurrency exchange when they hit the road in the coming months.
That value diminished considerably after FTX filed for bankruptcy on November 11, just five days after Bankman-Fried took to Twitter in an attempt to allay concerns about his company, by insisting, “FTX is fine. Assets are fine.” Just one month earlier, in October, the FTX logo had been placed on the arena’s roof, replacing the aircraft associated with the facility’s original sponsor, American Airlines. Back in 1999 American had entered into a 20 year contract which it eventually opted not to renew. The facility subsequently retained the American Airlines Arena name for well over a year, while Miami-Dade scrambled to identify a replacement sponsor, which it eventually found in FTX.
The situation in Miami calls to mind the naming of a new ballpark in Houston, just over 20 years ago. In the spring of 1999 Enron chairman Kenneth Lay trumpeted a 30-year, $100 million deal with the Astros for what briefly would be known as Enron Field. By early 2002, the Astros were eager to distance themselves from the scandal-plagued corporation. However, since Enron had already paid ahead for a year, the desperate baseball team purchased back the naming rights for $2.1 million.
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