A look at the former American Airlines Arena at nightime. Photo by Edgar Serrano/Wikimedia via CC BY 3.0
The Miami Heat made a big announcement on Friday.
The Heat will be looking to rename their home arena following the collapse of FTX, a cryptocurrency exchange that went bankrupt.
“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a statement. “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.”
The Heat’s home arena was constructed in 1998, and it was named American Airlines Arena from 1999-2019. FTX received the naming rights to the arena after their $135 million agreement was approved in March 2021. Just a year and a half later, FTX has collapsed, and the Heat need a new arena name.
On Friday, the FTX logo was already being removed from the top of the arena.
View from my condo in Miami, they seem to be dismantling the sign on the FTX Arena! pic.twitter.com/3gaHimxEwy
— Shiv (@shiv2268) November 11, 2022
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