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Strip club joins the competition for naming rights to Miami Heat’s home arena in light of FTX bankruptcy

The Miami Heat's home arena needs a new name after the FTX bankruptcy
Miami, Florida, USA; A general view prior to the game between the Miami Heat and the Boston Celtics at FTX Arena

Miami Heat's FTX Arena

The Miami Heat's home arena needs a new name after the organization cut ties with FTX, the cryptocurrency exchange firm that previously owned the naming rights to the building. A couple of companies seem to have submitted offers, including a popular strip club from South Florida.

What happened to FTX Arena?

In 2021, the Biscayne Bay-based arena underwent a name change after the previous sponsor, American Airlines, opted not to renew its agreement with Miami-Dade County nearly two years prior.

FTX earned the naming rights after submitting a $135 million offer. The partnership was supposed to last until 2040. However, the former crypto industry stalwart recently filed for Chapter 11 bankruptcy after an unfortunate series of events, including market meltdowns, a liquidity crunch, and poorly managed crypto projects.

As such, both Miami-Dade County and the Heat quickly terminated their relationship with FTX. And consequently, the name FTX Arena is gone after just one-and-a-half years.

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The Heat are just one of the NBA organizations and players FTX had entered a partnership with.

The crypto firm also served as a sponsor of the Golden State Warriors and was endorsed by the likes of Stephen Curry and Shaquille O'Neal. As a matter of fact, because of their involvement with FTX, a class-action lawsuit has been filed against them recently.

Who will get the naming rights?

For now, there are still no definitive reports as to which firms have made bids to have their names attached to the arena. What is almost certain is that the county and Heat will probably pass on the strip club's offer.

Its $5 million offer is even half of that of an adult site's bid of $10 million.

Interestingly, the said site also submitted an offer in 2019, planning to have the Heat play in the BBC Arena.

Considering that their offers are not even close to the previous contract value of the agreement with FTX and that the NBA will likely frown upon having a team play in an inappropriately named arena, the naming rights will surely be given to another company.

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