Deals

Miami-Dade Looks at ‘Possible Next Steps’ for FTX Arena Naming Rights Deal

Binance backed out of a deal to purchase FTX amid a run on the digital asset trading platform on Wednesday.
Miami-Dade County officials who negotiated a 19-year, $135 million contract hinted at legal action.

Nov 10, 2022 | 12:42 pm

UPDATED Nov 10, 2022 | 03:26 pm

FTX Arena

Miami-Dade County officials who negotiated a 19-year, $135 million contract with FTX hinted at legal action if the crypto exchange is unable to meet obligations for the naming rights of the Miami Heat’s home arena.

Binance backed out of a deal to purchase FTX amid a run on the digital asset trading platform on Wednesday, putting the rights deal for FTX Arena and other sports-related partnerships in question.

“This is an evolving situation, and Miami-Dade County is currently reviewing and gathering information about FTX’s financial situation and possible next steps,” a spokesperson for Miami-Dade County Mayor Daniella Levine Cava said in a statement to Front Office Sports on Thursday.

“Should FTX be unable to meet their financial obligations under the naming rights deal, the County will explore all legal remedies,” she added.

Latest Stories

breaking

55 minutes ago

Pacers-Thunder Is Lowest-Payroll NBA Finals in Years

Neither team is in the luxury tax, despite rosters with multiple All-Stars.

exclusive

12 hours ago

Newly American-Owned Italian Hoops Team Hires Ex-Pelicans Exec as GM

Napoli Basketball is hiring the Pelicans’ former chief of staff as GM.

23 hours ago

PSG and the City of Paris Can Join European Soccer’s Elite

What a maiden Champions League title would mean for the French club.

What to Read

by Ben Horney and Daniel Roberts

Tom Brady Backs Another Crypto Play

Brady is in a group investing $18 million in a crypto-adjacent business.

Apr 26, 2025; Miami, Florida, USA; Miami Heat center Bam Adebayo (13) dribbles the basketball as Cleveland Cavaliers forward Evan Mobley (4) defends in the third quarter during game three for the first round of the 2025 NBA Playoffs at Kaseya Center.

by Ben Horney

Jared Kushner’s Brother Bought Small Stake in Miami Heat Last Year

Kushner reportedly sold his Grizzlies stake to buy an interest in the Heat.

by Alex Schiffer

Brady, Curry, Ohtani Get Most Claims Dropped in FTX Endorser Suit

The judge did call the endorsers “uninformed, negligent, or even reckless.”

by David Rumsey

F1 Doubles Down on U.S. With Record-Setting Miami GP Extension

After four editions of the race, F1 is loving South Florida.

Featured Today

by Mike Jakeman

PSG and the City of Paris Can Join European Soccer’s Elite

What a maiden Champions League title would mean for the French club.

May 30, 2025

How the Champions League Anthem Took on a Life of Its Own

The composer didn’t know he wrote a timeless hit three decades ago.

May 25, 2025

How Rolex Paved the Way for Luxury’s Love Affair With Tennis

“It’s almost impossible to think about tennis without thinking about Rolex.”

Mar 23, 2025; Miami, FL, USA; Alexandra Eala (PHI) reacts after winning a point against Madison Keys (USA)(not pictured) on day six of the Miami Open at Hard Rock Stadium.

May 24, 2025

Alex Eala Is Defying Her Country’s Odds to Make French Open History

The Philippines native has overcome a unique set of financial odds.

More in Deals

by Colin Salao

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.

March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.

March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

In Episode 7 of Portfolio Players, go inside the boardroom with Avenue Capital CEO and former Milwaukee Bucks co-owner Marc Lasry on Giannis’s future, women’s sports, and upstart leagues like TGL and Unrivaled.