With the Miami Heat off on Friday as they return to their home court on Saturday against the Charlotte Hornets, the organization announced the termination of their arena sponsorship with FTX.
The FTX Arena, which was named after the cryptocurrency exchange company, sought bankruptcy after its founder, Sam Bankman-Fried, who stepped down, filed for Chapter 11 protection, which FTX announced in a press release Friday.
"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," that statement read.
However, the Heat, going 5-7 through their first 12 games of the 2022 season, quickly responded in the wake of the "extremely disappointing" news.
"The reports about FTX and its affiliates are extremely disappointing," a joint statement from the Heat and Miami-Dade County Mayor Daniella Levine Cava 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 and 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 the years ahead."
In March 2021, the Heat and FTX reached a 19-year sponsorship agreement worth $135 million for the naming rights of the arena. In October, the Heat replaced the arena's previous airplane logo -- back when the stadium was known as "American Airlines Arena" -- with an FTX logo on the rooftop of the building.
