FTX seeks to cancel Miami Heat arena deal
Bankrupt cryptocurrency exchange FTX says it wants out of the $135 million deal giving it naming rights to the arena where the Miami Heat play.
Driving the news: FTX's lawyers filed a motion last week seeking to end its 19-year naming rights agreement with Miami-Dade County, which owns the stadium, along with more than 20 other marketing deals, the Miami Herald reports.
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.
More Miami stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Miami.