The Miami Heat will rename FTX Arena after its namesake cryptocurrency exchange filed for bankruptcy on Friday.
The arena had been called FTX Arena since June 2021 as part of a 19-year, $135-million sponsorship agreement between FTX and Miami-Dade County.
Miami-Dade County mayor Daniella Levine Cava and the Heat said in a joint statement that the news regarding FTX was "extremely disappointing."
“Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,” the statement read.
FTX is also involved in sponsorship deals with Major League Baseball, and Formula One racing. The NFL's Tom Brady and Golden State Warriors guard Stephen Curry had also signed deals with FTX.
FTX and Miami-Dade County announced the arena deal back in March of 2021, changing the name of the facility from AmericanAirlines Arena to FTX Arena.
FTX filed for bankruptcy on Friday, putting an end to the third-largest cryptocurrency exchange in the world. The move to file for bankruptcy was precipitated by the crypto equivalent of a bank run.