The FTX arena in Miami has announced that it will be dropping the FTX from its name.
The arena known for being the home of the Miami Heat and hosting major acts when they perform in South Florida, announced on Friday that until they have a new naming rights partner, the arena will be named the Miami-Dade Arena.
“Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena,” the parties said in a joint statement. “The removal of the facility’s existing signage and the changeover of branding elements will be ongoing in the coming weeks,” the arena wrote on its Facebook page.
The decision comes two days after a bankruptcy court terminated the county’s naming rights deal with the failed cryptocurrency exchange FTX, which had a 19-year, $135 million naming rights deal with the arena.
According to reports, the county which owns the arena, asked a court in November to terminate the contract with FTX.
FTX was considered to be the third-largest cryptocurrency exchange worth billions of dollars before it filed for bankruptcy late last year when the system crashed.
The founder of FTX 30-year-old Sam Bankman-Fried, was arrested last month on fraud charges. U.S. Attorney Damian Williams has called the business “one of the biggest frauds in American history.”