Cryptocurrency Exchange, FTX, signed a partnership agreement with the Miami Heat that gave the exchange the naming rights for the Heat Stadium for 19 years
The proposed partnership between the Cryptocurrency Exchange FTX and the Miami Heat basketball team was officially announced yesterday after weeks of negotiations between the Crypto Exchange and Miami-Dade County.
The National Basketball Association (NBA) announced in a press release yesterday the official signing that FTX will receive the naming rights to the Miami Heat stadium for 19 years, beginning with the 2021-22 NBA season. American Airlines previously held the naming rights, but FTX will take over the future.
Eric Woolworth, Head of Operations for HEAT Group, is excited about doing business with FTX and describes the exchange as an exciting young company in an emerging category in the financial services industry.
Sam Bankman-Fried, CEO of FTX, explained this “Internet technology and digital finance are moving incredibly quickly. We wanted to enter into a partnership with a city and a franchise company that are dynamic, diverse, innovative and always future-oriented. When it comes to these qualifications, Miami and the HEAT are second to none. One of the largest cities in America and one of the most iconic teams in the world faces an even better future, and we are excited to be a part of it. “
The Miami Heat Stadium will soon be known as the FTX Arena. Miami Heat said the deal also includes prominent signage in the arena, hospitality, connection with HEAT series for digital content, advertisements, contests, community engagement and more.
FTX will shell out $ 135 million, of which $ 90 million will go to Miami-Dade County over the 19-year term of the partnership. The county’s Board of Commissioners approved the deal on March 26, and the funds would be used to support programs that address issues such as gun violence and youth at risk.