FTX Arena to get new name after Miami cuts ties
Naming rights to the Miami Heat's arena are up for grabs.
Why it matters: The epic collapse of FTX impacts not just those directly involved in the crypto company but also all of the marketing dollars it spread across the sports industry.
Driving the news: The Miami Heat and Miami-Dade County released a joint statement on Friday that they terminated their business relationship with FTX.
- "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 reportedly worth $135 million.
Context: Crypto companies became one of the fastest-growing sponsors in sports, having collectively spent about $208.5 million in sponsorship rights fees across the top five professional leagues — NBA, NFL, MLB, NHL and MLS — over the past year.