CNN
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The NBA’s Miami Warmth and Miami-Dade County have terminated their relationship with bankrupt cryptocurrency alternate FTX and can seek for a brand new naming rights accomplice for his or her enviornment in downtown Miami.
The announcement got here after the FTX group earlier on Friday filed for chapter in america and its CEO resigned, marking a shocking downfall for one of many greatest and strongest gamers within the crypto business.
Miami-Dade County and Miami Warmth mentioned in a joint assertion Friday night time that the reviews about FTX are “extraordinarily disappointing” and that they may work collectively to discover a new naming rights accomplice for the world, which was solely renamed as FTX Area final yr.
Like different crypto firms, FTX has invested closely in sports activities sponsorships. FTX had reportedly inked a reported $135 million, 19-year deal to rename the Miami enviornment in June 2021.
Additionally, Main League Baseball struck a five-year deal in 2021 to call FTX as its official cryptocurrency alternate. FTX can also be the official cryptocurrency alternate accomplice of the Mercedes-AMG Petronas Formulation One Crew.
Even school sports activities has ties to FTX, with the College of California, Berkeley, signing a $17.5 million, 10-year naming rights partnership in 2021 for the college’s soccer stadium.
