FTX will soon be out as the naming sponsor of the Miami Heat arena

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The Miami Heat have told FTX to GTFO.

Via Brian Windhorst of ESPN.com, the bankrupt (as of Friday) crypto firm no longer will have its name on the arena where the NBA team plays.

It was a 19-year, $135 million deal. FTX initially paid $14 million. Another $5.5 million was due in January.

“The reports about FTX and its affiliates are extremely disappointing,” the Heat and Miami-Dade County said in a joint statement. “Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena.”

The name will remain in place for Saturday’s game against the Charlotte Hornets. Soon thereafter, FTX signage will begin to come down.

As football goes, FTX had its highest profile deal with Buccaneers quarterback Tom Brady. He hasn’t addressed the situation on social media, and he wasn’t asked about it by reporters during a Friday press conference.

10 responses to “FTX will soon be out as the naming sponsor of the Miami Heat arena

  1. Athlete’s blinded by greed. You see the 30-year old “Baby Madoff” who put this crypto-ponzi together? Why are people so naive?

  2. It’s truly incredible those dorky FTX kids, like literal children in their early 20’s, that didn’t have a clue, were able to swindle people out of billions. Just goes to show, people are incredibly greedy and always want more, more, more. Investing in crypto has always been a Ponzi scheme.

  3. FTX is the scam of legends, the ultimate ponzi scheme. To screw out big finance companies, Brady, Ukraine & US tax payers.

  4. byaaah says:
    November 12, 2022 at 7:58 am
    It’s truly incredible those dorky FTX kids, like literal children in their early 20’s, that didn’t have a clue, were able to swindle people out of billions. Just goes to show, people are incredibly greedy and always want more, more, more. Investing in crypto has always been a Ponzi scheme.

    =================

    Not disagreeing that crypto at it’s heart is a scam but, from what I read, FTX was doing fine. It was Friedman’s other company Alameda Research, a crypto hedge fund, that took huge losses. Instead of closing the hedge fund and disclosing those losses, he treated FTX as Alameda’s piggy bank. With no oversight he was able to move money around without telling anyone at FTX.

    Also it is crazy that the top people at Alameda and FTX all lived and dated together in a penthouse apartment. This is probably going to be a netflix series.

  5. “I wouldn’t give you $25.00 for all of crypto-” Warren Buffet. He knows more about investing than we do.

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