MIAMI — The naming rights agreement between FTX and Miami-Dade County was voided by a federal bankruptcy court on Wednesday, a move that allows the cryptocurrency brand to be removed from the area where the NBA’s Miami Heat play.
The order means that soon, and perhaps very soon, all FTX signs and advertisements in the area will be removed. There was no immediate word from the Heat or the county on when the process would begin.
The FTX brand is currently on the roof of the stadium, on the basketball court, at several entrances, on polo shirts worn by security personnel, and even on several electronic cards that employees use to access the facilities .
“The termination of the rights agreement” will be effective immediately upon entry of this order, wrote US Bankruptcy Judge John T. Dorsey.
The county owns the arena and negotiated a 19-year, $135 million naming rights deal with FTX. The Heat will receive $2 million annually as part of that deal, which goes into effect in June 2021.
FTX’s next payment to the county was due on January 1 of $5.5 million.
Its founder, Sam Bankman-Fried, 30, was arrested last month in the Bahamas and extradited to the US to face criminal charges in what US Attorney Damian Williams described as “the biggest fraud in the history of the United States”. Said one”.