FTX seeks to cancel Miami Heat arena deal

Why it matters: The new filing means that both sides now want the agreement canceled, per the Herald.

• Miami-Dade County asked the judge in FTX's bankruptcy case to terminate the deal in November so it could be free to find a new sponsor.

Zoom out: FTX had committed millions of dollars to celebrities like supermodel Gisele Bündchen and even the Golden State Warriors and Major League Baseball for sponsorships, partnerships and other marketing deals.

• The company wants its deals canceled retroactively to Dec. 31.

Zoom in: FTX has already paid Miami-Dade County $20 million. The company is due to pay the county $5.5 million this month.

• It remains to be seen whether the county will fight for the payout.

The intrigue: Someone projected the words "F--k SBF" — an acronym used for disgraced FTX founder Sam Bankman-Fried — and "Where is my money Sam" in lights on the side of the arena on New Year's Day, according to an Instagram post from Miami documentary filmmaker Billy Corben.