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Miami-Dade allowed to strip FTX name off NBA’s Heat arena

FTX Arena. (Getty Images)

A federal bankruptcy court has allowed the naming rights deal between Miami-Dade County and cryptocurrency exchange FTX to be terminated "effective immediately," which will strip the FTX name off of the arena in which the National Basketball Association's Miami Heat compete.

FTX branding will be removed from the arena's roof, basketball court, and entrances, as well as off of shirts worn by stadium employees. The 19-year, $135m (€114.1m) deal that was struck in June 2021 would earn the Heat $2m annually.

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