Miami Heat and its home arena could soon end their association with FTX after the disgraced crypto currency company asked a bankruptcy judge to cancel its sponsorship deals.
Lawyers for FTX have filed a motion to cancel a list of more than 20 marketing deals, including its naming-rights agreement with Miami-Dade County for what has been called the FTX Arena since 2021.
The request comes two months after Miami-Dade asked a New York judge to void the deal, citing “hardship” from being associated with FTX after it became the subject of a high-profile fraud investigation amid claims its owners cheated investors and looted billions of dollars.
Miami Heat also issued a statement at the time saying the team also wanted out of its separate FTX sponsorship agreement.
Creditors have until January 13 to object to cancelling the marketing deals, and a hearing on the request is scheduled for February 8.
FTX acquired naming rights to the arena in April 2021 in a deal worth a reported $135m (£115m/€131m) over 19 years.
Other deals FTX wants scrapped involve marketing or sponsorship arrangements with Gisele Bündchen, the Golden State Warriors, the Meltwater Champions Chess Tour, and Major League Baseball.
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