In the days when FTX could do no wrong, viewed as the second coming of crypto exchanges, FTX cut a deal to have its brand plastered on the Miami Heat Arena. Stepping in to take over from the august American Airlines in the Spring of 2021, FTX was showing the world it had entered the big leagues. The domain ftxarena.com was quickly registered on Godaddy.
Unfortunately, it was not to last.
Following bankruptcy and the ignominy of fraud and failure, FTX’s name is dirt. And as was revealed today, it will no longer bless the Miami Heat Arena as the courts have terminated the contract FTX signed to have its name on the arena.
Following the news of FTX’s failure, Miami Dade county asked the bankruptcy judge to tear up the $135 million deal so it could find another sponsor, according to WSJ.com.
“These breaches appear to have been repeated, recurring and incurable,” stated the county lawyers.
Today they got their wish as the courts approved the removal of FTX’s name from the arena and affiliated media.
No word on any other aspiring sponsors interested in stepping in to take over from FTX. Most likely, it won’t be another crypto exchange.