Miami Heat and Miami-Dade County announces the team’s home arena will be temporarily called Miami-Dade Arena.
On Friday, the NBA team shared that the FTX Arena will be getting a temporary name change until a permanent naming-rights partner. The change comes just a few days after a bankruptcy court ended Miami-Dade’s naming rights deal with FTX.
“Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena,” the two wrote in a joint statement. “The removal of the facility’s existing signage and the changeover of branding elements will be ongoing in the coming weeks.”
In November, Miami-Dade requested for the naming rights deal to be terminated. The county believes keeping the FTX affiliation will increase the “enduring hardships” that were brought on by the collapse of the cryptocurrency exchange.
Currently, the company’s logo is featured on many of the entrances, security staff shirts, employees access badges, as well as the arena’s roof and court.
Miami-Dade negotiated a $135 million naming rights deal with FTX for 19 years. As apart of the deal, the Miami Heat were set to receive $2 million per year. However, that part of the deal didn’t go into effect until June 2021.