Miami Heat Terminate Relationship with FTX After Crypto Exchange's Bankruptcy Filing

The Miami Heat announced that they are in the process of terminating their relationship with FTX Crypto Exchange after it filed for bankruptcy.

FTX purchased the naming rights to the Heat's arena for $135 million, and the stadium became known as FTX Arena beginning in June 2021.

The building will still be named FTX Arena on Saturday, when the Heat host the Charlotte Hornets, per Ira Winderman of the South Florida Sun-Sentinel. He also reported that the Heat are in the process of removing FTX labeling from the arena.

Earlier this week, Formula One Racing team Mercedes-AMG Petronas announced that it was suspending its partnership with FTX.

Other athletes who have deals with FTX include Tampa Bay Buccaneers quarterback Tom Brady, Golden State Warriors guard Stephen Curry, Los Angeles Angels pitcher/designated hitter Shohei Ohtani and four-time Grand Slam champion Naomi Osaka.