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Miami-Dade exploring FTX legal remedies, Mercedes F1 team suspends deal

FTX Arena, home of the Miami Heat. (by Michael Reaves/Getty Images)

Miami-Dade County is exploring "all legal remedies" if cryptocurrency exchange FTX cannot meet its financial obligations in a 19-year stadium naming rights agreement at the publicly owned facility that is home to the National Basketball Association's Miami Heat.

In a statement, a spokesperson for the county told multiple outlets that the county "is currently reviewing and gathering information about FTX’s financial situation and possible next steps."

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