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#pounditWednesday, May 29, 2024

Miami Heat make big announcement following FTX collapse

American Airlines Arena at night

A look at the former American Airlines Arena at nightime. Photo by Edgar Serrano/Wikimedia via CC BY 3.0

The Miami Heat made a big announcement on Friday.

The Heat will be looking to rename their home arena following the collapse of FTX, a cryptocurrency exchange that went bankrupt.

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

The Heat’s home arena was constructed in 1998, and it was named American Airlines Arena from 1999-2019. FTX received the naming rights to the arena after their $135 million agreement was approved in March 2021. Just a year and a half later, FTX has collapsed, and the Heat need a new arena name.

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