Questions remain after Miami Heat’s FTX Arena debacle

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Goodbye, FTX Arena. Photo: Megan Briggs/Getty Images

Naming rights at FTX Arena, where the Miami Heat play, are up for grabs.

Catch up fast: The Miami Heat and Miami-Dade County released a joint statement on Friday that they had ended their business relationship with FTX following the crypto firm’s announcement epic meltdown, Axios Pro Kerry Flynn writes.

  • “Reports on FTX and its affiliates are extremely disappointing,” the statement read. “[W]We will work together to find a new partner for the arena naming rights.”
  • The 19-year deal was worth $135 million, according to the Miami Herald.

Why is this important: The county had used some of its $90 million share from the arena deal to fund his campaign against gun violence, the peace and prosperity plan, and it’s still unclear how the fallout will impact the programs.

Between the lines: FTX is expected to pay the county — which leases the arena to the Heat — its $5.5 million annual payment in January, the Herald reports.

  • The current budget includes approximately $2.5 million for peace and prosperity programs funded by the FTX agreement, including $2 million for the county’s Fit 2 Lead program and approximately $500,000 for youth programs. operated by the Miami-Dade Police Department.

What they say : In a statement Friday, Miami-Dade Mayor Daniella Levine Cava said the county and the Heat are actively seeking a new sponsor for the arena, in part to fund the Peace and Prosperity program going forward.

  • “We look forward to identifying a new partner to continue funding these important programs in the years to come,” she said.

ICYMI: Porn production company BangBros tries to throw their hat in the ring again, Miami New Times reports.

  • BangBros wants to resubmit the same 2019 offer the county rejected: to buy the naming rights to the arena for $10 million over 10 years.

Go further on the impact of FTX’s collapse on the sports industry with Axios Pro: media offers

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