Miami-Dade County To Terminate Business Relationships With FTX

Just hours after the troubled cryptocurrency exchange filed for bankruptcy, Miami-Dade County announced that it would end its business relationship with FTX and remove the company’s name from the renowned arena, home of the NBA’s Miami Heat.

According to Miami Herald, Miami-Dade County and the Heat released a joint statement on Friday night to announce they are taking action to end their business relationships with FTX and will collaborate to find a new naming rights partner for the arena. This came after FTX revealed it had filed for Chapter 11 bankruptcy.

Administrators in Miami-Dade County now have doubts about FTX’s ability to pay the next $5.5 million on the arena, let alone the remaining $100 million on a deal that Bankman-Fried dismissed as a small cost during his appearance with Francis Suarez, the mayor of the city. The statement read:

“The reports about FTX and its affiliates are 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.

We are proud of the impact our Peace & Prosperity Plan — sponsored by County Commissioner Keon Hardemon and funded through the original deal — is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in the years ahead.”

Miami has received significant investments from FTX US, the American branch that was included in the bankruptcy filing, and it recently designated Miami as its national headquarters.

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