NOTHING BUT NET LOSS

Miami Heat’s Arena to Be Renamed After FTX Goes Bankrupt

The crypto platform, which collapsed this week, had a $135 million deal for naming rights.

The Miami Heat’s arena will be renamed after the crypto exchange that owns the rights spectacularly collapsed this week. FTX cut a $135 million deal with Miami-Dade County for naming rights last year, and a $5.5 million payment comes due in January, ESPN reported. But after a liquidity crisis, the platform went into a death spiral, and CEO Sam Bankman-Fried resigned in disgrace after putting the company into Chapter 11. “The reports about FTX and its affiliates are extremely disappointing," the county and team said. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena.”