• Loading stock data...
Thursday, March 28, 2024
2024 Best Venues nominations are open now through April 8! Submit Now
Law

Miami-Dade Wants To Break FTX Arena Naming Rights Immediately

  • Miami-Dade County filed in court to immediately break its arena naming rights deal with fallen crypto company FTX.
  • MLB and Mercedes' Formula 1 team have also undone deals with the crypto exchange.
FTX-Arena
Shutterstock

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The NFLPA Report Card Is Doing Exactly What It Was Intended For

Robert Kraft hasn’t gone to school in nearly 60 years, but on Tuesday the Patriots’ owner found himself talking about his report card. 

How Lack of Planning by NCAA, Gonzaga Led to Racial Abuse of Utah Athletes

The NCAA gave Gonzaga a waiver to place teams in an extremist hotbed.

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.

It Remains Unclear Which Authorities Shohei Ohtani Has Reported Theft of Millions to, If Any

A federal investigation is ongoing, but it’s not clear what it covers.
podcast thumbnail mobile
Front Office Sports Today

MLB Opens Season With MLBPA, Ohtani, and Ownership Dramas

0:00
0:00

Featured Today

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.
March 27, 2024

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.
March 26, 2024

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S
March 24, 2024

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers
March 19, 2024

Clemson Files Lawsuit Against the ACC, Following FSU’s Lead

The ACC is fully embroiled in a legal battle for its own survival.
March 20, 2024

Disgraced Ex-Spanish Soccer Chief Raided by Cops in Corruption Probe

Police are investigating the Super Cup’s move to Saudi Arabia.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
March 19, 2024

DOJ Finds UMBC Failed to Protect Athletes From Sexual Assault for Years

The school knew about sexual assault allegations for years, the DOJ found.
March 14, 2024

Athletes Sue NCAA Over Trans Policies

The lawsuit claims the NCAA has violated Title IX.
March 13, 2024

Robert F. Kennedy Jr. Is Seeping Into Sports

Aaron Rodgers and John Stockton have allied with the politician.
March 12, 2024

Former Jaguars Employee Sentenced to Prison for Theft of $22 Million

Amit Patel stole millions from the Jaguars over three-plus years.