Questions remain after Miami's FTX Arena debacle
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So long, FTX Arena. Photo: Megan Briggs/Getty Images
Naming rights to FTX Arena, where the Miami Heat play, are up for grabs.
Catch up fast: The Miami Heat and Miami-Dade County released a joint statement on Friday that they had terminated their business relationship with FTX following the crypto company's epic collapse, Axios Pro's Kerry Flynn writes.
- "The reports about FTX and its affiliates are extremely disappointing," the statement read. "[W]e will be working together to find a new naming rights partner for the arena."
- The 19-year deal was worth $135 million, according to the Miami Herald.
Why it matters: The county had used part of its $90 million portion of the arena deal to fund its anti-gun violence campaign, the Peace and Prosperity Plan, and it remains unclear how the fallout will impact the programs.
Between the lines: FTX is supposed to pay the county — which leases the arena to the Heat — its annual $5.5 million payment in January, the Herald reports.
- The current budget has about $2.5 million in Peace and Prosperity programs funded by the FTX deal, including $2 million for the county's Fit 2 Lead program and about $500,000 for youth programs run by the Miami-Dade Police Department.
What they're saying: In a statement Friday, Miami-Dade Mayor Daniella Levine Cava said the county and the Heat were actively pursuing a new sponsor for the arena, in part to fund the Peace and Prosperity program into the future.
- "We look forward to identifying a new partner to continue funding these important programs in the years ahead," she said.
ICYMI: Porn production company BangBros is once again trying to throw its hat into the ring, Miami New Times reports.
- BangBros wants to resubmit the same 2019 offer that the county rejected: to buy naming rights for the arena for $10 million over 10 years.
Go deeper on how FTX's collapse impacts the sports industry with Axios Pro: Media Deals