The Heat and Miami-Dade County announced the new name Friday, two days after a bankruptcy court terminated the county’s naming rights deal with collapsed cryptocurrency exchange FTX.
The process of removing FTX branding from all aspects of the arena will take some time.
The county asked for the naming rights deal to be terminated in November, saying at the time that continuing to refer to the building as FTX Arena will only add to the “enduring hardships” brought on by the collapse of the cryptocurrency exchange.The county owns the arena and negotiated what was to be a 19-year, $135 million naming rights deal with FTX.
Before the FTX deal, the building had been referred to as AmericanAirlines Arena since its opening in 1999.The airline giant, which has a hub in Miami, said in 2019 that it would not renew its deal past the expiration date of Jan. 1, 2020. The airline’s name remained on the building until 2021.
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