San Francisco, American professional basketball team Miami Heat on Saturday terminated its partnership with bankrupt crypto exchange FTX.<\/p>\r\n\r\n
The Miami Heat acquired the FTX naming rights to its basketball stadium last year. The stadium will still be known as the FTX Arena.<\/p>\r\n\r\n
"The reports about FTX and its affiliates are extremely disappointing. 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 team said in a statement.<\/p>\r\n\r\n
"We are proud of the impact our Peace & 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," said the team.<\/p>\r\n\r\n
"We look forward to identifying a new partner to continue funding these important programs in the years ahead," it added.<\/p>\r\n\r\n
The FTX Arena (formerly known as American Airlines Arena during 1999–2019) is a multi-purpose arena located in Miami, Florida, along Biscayne Bay.<\/p>\r\n\r\n
The arena is home to the Miami Heat of the National Basketball Association.<\/p>\r\n\r\n
In March 2021, FTX acquired the naming rights to the arena for $135 million.<\/p>\r\n\r\n
The NBA approved the deal in early April, and the arena was fully renamed to FTX Arena in June 2021.<\/p>\r\n\r\n
The beleaguered crypto exchange FTX on Friday announced it has filed for Chapter 11 bankruptcy in the US, as its Founder and CEO Sam Bankman-Fried resigned from his role.<\/p>\r\n\r\n
The NBA approved the deal in early April, and the arena was fully renamed to FTX Arena in June 2021.<\/p>\r\n\r\n