Miami-Dade Arena is name for county facility formerly known as FTX Arena
MIAMI -- Miami-Dade County Mayor Daniella Levine Cava and the Miami Heat said Friday that the name of the arena formerly known as FTX Arena will now simply be called Miami-Dade Arena.
That's at least until the county and the NBA team can find a new partner to pony up the funds to secure naming rights for the facility, which originally opened its doors over 20 years ago as the American Airlines Arena.
The county and the team issued a joint statement late Friday afternoon to announce the new temporary name for the facility.
"Effective immediately, Miami-Dade County and the Miami HEAT have agreed that until such time as there is a new naming rights partner to refer to the arena as Miami-Dade Arena," the statement said. "The removal of the facility's existing signage and the changeover of branding elements will be ongoing in the coming weeks."
A bankruptcy judge in New York this week approved a request from the county and current FTX executives to immediately end the arena naming agreement agreed to by all parties in March 2021.
The bankrupt crypto exchange secured the naming rights for the arena, home court for the Miami Heat, when former CEO Sam Bankman-Fried and the county inked a 19-year deal to win naming rights.
But Bankman-Fried is now a disgraced company executive who no longer leads the firm. He has been released from jail after posting a $250 million bond and is due to stand trial on fraud charges.
Federal prosecutors have alleged that the FTX executive used money from the company's customers to cover personal expenses and other investments.
'According to the statement from the county and the Heat, the effort to remove the FTX name from the facility will be "ongoing in the coming weeks."
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