By Anthony Chiang, Miami Herald (TNS)
The official name change from American Airlines Arena to FTX Arena happened less than two years ago. But there’s already speculation regarding whether another name change will be needed for the Miami Heat’s home building.
Amid the liquidity crisis of cryptocurrency exchange FTX and the company’s very uncertain future, the naming rights have again come into question.
The Heat on Wednesday said when asked about those questions, “It is far too premature for us to comment.”
Binance backed out of its plans to acquire FTX this week amid reports that the company “mishandled customer funds and alleged US agency investigations.”
Miami-Dade commissioners in March 2021 approved the 19-year deal worth $135 million contract with FTX for naming rights at the Heat’s county-owned arena, and the building’s name was formally changed to FTX Arena in June 2021. The agreement represented the NBA’s first arena sponsor from the cryptocurrency industry, with Staples Center in Los Angeles becoming Crypto.com Arena soon after.
______
©2022 Miami Herald. Visit miamiherald.com. Distributed by Tribune Content Agency LLC.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Digital Currency
