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.
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