Miami-Dade, one of the most populous counties in the US and home to the Miami Heat NBA team, successfully terminated its partnership with FTX following the company’s collapse in November.
according to a report Per the Miami Herald, a federal judge ruled that the naming rights agreement between the two parties at FTX Arena be terminated immediately. In June 2021, the two parties signed a 19-year contract worth $135 million for FTX to become the home field naming rights partner of the three-time NBA champion Miami Heat.
However, following alarming revelations about FTX’s finances and criminal fraud charges leveled against its CEO Sam Bankman-Fried in November, Miami-Dade immediately took legal action seeking to sever its business relationship with the now-bankrupt company.
On Wednesday, January 11, the application was finally approved, resulting in the immediate removal of any representation of the FTX brand from the Heat’s stadium.
according to a set declaration by Miami-Dade leadership and the Heat basketball team, aggressive efforts are underway to find another arena name partner as soon as possible. In the interim, the ground would be referred to as Miami-Dade Arena.
FTX loses yet another partnership
The termination of FTX’s sponsorship deal with Miami Dade is just the latest to hit the headlines following the spectacular collapse of the $32 billion crypto empire in November.
On November 11, the Mercedes AMG Petronas F1 Team Announced the suspension of your association with the crypto exchange. Although the Formula 1 team had initially shown some support for the embattled cryptocurrency company, it reversed its position, halted its partnership and removed the FTX brand from its race cars and other related assets.
The next few months are expected to be filled with similar events, as the FTX crisis is still far from resolved. Late last year, the once-powerful cryptocurrency firm filed a motion requesting the immediate termination of more than 20 marketing deals, including the now-defunct FTX Arena naming rights deal.
Other popular deals on the list included an endorsement deal with the reigning NBA champions Golden State Warriors and an ambassador deal with Brazilian fashion icon Gisele Bündchen.
How the crypto market is doing after the FTX crash
Following the FTX stock market crash last year, the crypto market suffered heavy losses, culminating in a value of more than $180 billion. However, there has been a steady market recovery in recent weeks.
Just yesterday, the market leader and top cryptocurrency Bitcoin traded above $20,000 for the first time after the FTX crash. Although this does not necessarily mean that the storm has passed, it could be interpreted as a sign of a future price rally in the coming months.
In the last 24 hours, Bitcoin has gained 11%, reaching a value of $20,871.72, according to data from CoinMarketCap. Its 24-hour trading volume is $40,609,971,140, while its total market capitalization is valued at $401,860,462,376.
BTC trade at $20,886 | Source: BTCUSD chart on Tradingview.com.
-Featured Image: Miami Herald, Chart from Tradingview.com
