Miami-Dade County is turning up the heat in its search for a new arena name.
In a motion filed Tuesday, the county has asked a federal bankruptcy court for permission to immediately end its arena naming rights deal with fallen crypto giant FTX.
The crypto exchange won the rights to the Miami Heat’s home in March 2021 in a 19-year, $135 million deal. Miami-Dade County, which owns the arena, has collected around $20 million on the contract to date, and could be in line for another $16.5 million in fees as a result of FTX filing for bankruptcy.
“Miami-Dade County continues to supply valuable marquee naming rights and other benefits to the Debtor, to the detriment of the County’s ability to seek a new naming partner for the Arena,” Miami-Dade wrote in its legal filing, adding that FTX would not seem to be harmed by ending the deal early.
Major League Baseball and Mercedes’ Formula 1 racing team have also worked to unwind themselves from major deals with FTX, following the company’s bankruptcy filing on Nov. 11.
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