MIAMI — FTX may have collapsed a month ago, but the failed crypto exchange’s logos are still all over the Miami Heat’s home arena.
That includes the two huge FTX logos at center court, a reminder of the 19-year, $135 million deal that paid out only about $20 million over roughly 18 months before FTX halted trading and filed for bankruptcy protection.
The rub for Miami-Dade County — which owns the arena — is that it still hasn’t been given permission from the Delaware bankruptcy court to officially terminate the deal and remove FTX signage at FTX Arena.
The Miami Heat declined comment when reached by Front Office Sports. A Miami-Dade County spokesperson did not provide a comment for this story.
Miami-Dade County made a motion in bankruptcy on Nov. 22, which requested permission from the judge in the case to officially terminate the deal with FTX.
While FTX is in violation of its contract with Miami-Dade County, the bankruptcy filing means the logos and signage will remain until a judge approves the termination.
A hearing is scheduled for Friday where the judge could approve Miami-Dade County’s motion to terminate the deal.
The Heat have played seven home games since FTX filed for bankruptcy protection on Nov. 11.
NBC News’s reported on Monday night that FTX Group founder and former CEO Sam Bankman-Fried was arrested by authorities in the Bahamas after the U.S. filed unspecified criminal charges
Bankman-Fried was expected to testify in front of the House Committee on Financial Services in a hearing that will examine the exchange’s collapse.