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FTX, a Bahamas-based cryptocurrency exchange firm, has a sponsorship contract with National Basketball Association’s Miami Heat. However, this was cancelled early due to the crypto company’s sudden collapse.
FTX has now filed for bankruptcy protection, but even so, it still needs to pay $16.5 million to the NBA team. It was stated in their contract that in the event of default, the company must pay three years of fees.
As per CoinDesk, FTX and Miami Heat signed a $135 million sponsorship deal which also gave the rights for the Miami-Dade County’s stadium to be named the “FTX Arena.” The contract states that the payments are to be made over a period of 19 years.
The dues as a result of a default by FTX amount to three years of the contract fees, and it must be settled in 60 days. Miami Heat already received $14 million when they first signed the contract last year, and now it must pay the “event of insolvency” fees.
In case the company failed to pay before the deadline, Miami-Dade County said that it has the right to collect a 12% interest per anum until FTX fully settles the fees. It was on Friday, Nov. 11, when the County and Miami Heat disclosed that their agreement with FTX is no longer in effect due to bankruptcy.
"The reports about FTX and its affiliates are extremely disappointing," Miami-Dade County Mayor Daniella Levine Cava and the Heat team jointly said in a 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."
Moreover, FTX must also be the one to remove all the signage and ornaments in the former FTX Arena. The stadium will have to be renamed now and officials are looking for a new sponsor.
ESPN reported that the naming rights deal between Miami Heat and FTX is officially over as their 19-year deal has been scrapped really early. Meanwhile, the stadium is still called the FTX Arena as of Saturday but the signages will already be taken down soon.
Photo by: Mariia Shalabaieva/Unsplash
