The Miami Heat will no longer play at FTX Arena after a federal bankruptcy judge retroactively ended Miami-Dade County's naming rights agreement with the cryptocurrency company.
The two sides originally agreed to a 19-year, $135 million deal to change the name of the building from American Airlines Arena to FTX Arena in 2021. But following the collapse of FTX and the subsequent trials and hearings revolving around the company and former CEO Sam Bankman-Fried, the team and the county requested to be let out of the arrangement in November.
“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a joint statement with Miami-Dade County. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business with FTX, and we will be working together to find a new naming rights partner for the arena.”
That request was officially approved Wednesday, and all signage of FTX will be removed from the arena.
The FTX scandal spans multiple industries and has affected the sports world more than just where the Heat play their home games.
Stars like Tampa Bay Buccaneers quarterback Tom Brady and Golden State Warriors star Stepenh Curry could be facing potential violations after they appeared in various FTX advertisements prior to its collapse. Investors have also reportedly sued many of FTX's celebrity endorsers such as Brady, Curry and tennis star Naomi Osaka. Court documents later showed Brady, his ex-wife Gisele Bündchen and New England Patriots owner Robert Kraft owned significant shares in the now-bankrupt company.
The Heat aren't the only team to take crypto money.
The Los Angeles Lakers and Clippers renamed their home arena from the Staples Center to Crypto.com Arena around the same time the Heat switched to FTX Arena in 2021. That deal is for 20 years and $700 million.
There has been no word on what the Heat's home arena will be called in the meantime, though, as season continues for Miami.
Even though Tom Brady and Gisele Bündchen’s divorce has long been settled, there is still one business dealing that is still hanging over them from their marital days: the FTX bankruptcy case. If you remember just last year, the then-married couple starred in a buzzy Super Bowl commercial together, touting the benefits of cryptocurrency. Fast […]
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STORY: Cardinal George Pell, who was acquitted three years ago of child sexual abuse allegations in the Roman Catholic Church, died on Tuesday at the age of 81.That's according to his secretary, who says he died at a hospital in Rome of heart complications after hip surgery.Pell was a leader revered by Catholic conservatives in his native Australia, where he dominated the Church's hierarchy for two decades. He was a close friend of former Pope Benedict, who died last month, and later became Pope Francis's economy minister at the Vatican in 2014; who once called him a "genius" on fighting corruption and on Wednesday praised him for persevering in trying times.Those "trying times" were because Pell also became the most senior Catholic official accused in the long series of global sexual abuse scandals that have rocked the Church, and he served over a year in prison before acquittal by Australia's High Court."Well, terrible crimes have been committed in the church's name. I think it's a bit ironic that I'm the figurehead, the scapegoat that has copped most of this." "But, one consolation for me of course is that as a Christian, for no Christian is any earthly tribunal the last tribunal."There were multiple abuse allegations against Pell and a government inquiry found that he knew of child sex abuse by at least two other priests in the 1970s and 80s, but failed to try and have them removed from the Church.His prison sentence was over a conviction that he had sexually assaulted two choir boys in the 90s.It was overturned in 2020 and he walked free. On the day of his acquittal, at Pope Francis's mass, the pope prayed for all those suffering unjust sentences, which he compared to the persecution of Jesus Christ.
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China has suspended issuing some visas for South Korea and Japan in Beijing's first retaliation against Covid-related curbs on Chinese travelers. Stephen Engle reports on Bloomberg Television. Follow Bloomberg for business news & analysis, up-to-the-minute market data, features, profiles and more: http://www.bloomberg.com Connect with us on… Twitter: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness/ Instagram: https://www.instagram.com/quicktake/?hl=en
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The move, which Gemini says requires Genesis to return all locked-up assets, sunsets the exchange's nearly two year-old Gemini Earn program.
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