The naming-rights deal between bankrupt crypto exchange FTX and Miami-Dade County was terminated on Wednesday by a federal judge, according to news reports. This means that the arena where the Miami Heat basketball team plays can now officially remove FTX from its name. It’s unclear how quickly the name will be removed and what it will be renamed to. Removing the name will be a big undertaking, as FTX’s name currently appears on the roof, the court, on staff work attire, and advertising throughout the stadium. FTX Arena did not immediately respond to request for comment.
The county had asked for FTX’s naming rights to be terminated in November after the crypto exchange filed for bankruptcy. The county owned the arena and negotiated a 19-year deal at $135 million, where the Miami Heat were going to receive $2 million a year as part of the deal which started in June 2021. FTX, which was one of the largest crypto exchanges in the world before its collapse, filed for bankruptcy in November. Founder Sam Bankman-Fried was arrested in the Bahamas in December and extradited to the U.S. to face criminal charges.