FTX has reached an agreement with Miami-Dade County on a 19-year partnership worth $135 million, to name Miami Heat’s home stadium the FTX Arena.
The cryptocurrency derivatives exchange backed by Alameda Research, is set to become the first member of the crypto industry to secure NBA naming rights, pending approval from the Miami-Dade County Board of County Commissioners on March 26.
The deal marks a significant mainstream partnership for a crypto-based platform, which will see FTX tied to the Miami Heat until 2040. As part of the Miami-Dade County’s press release on March 23, FTX CEO Sam Bankman-Fried noted:
“This opportunity is more than putting our name on an iconic building. It is a chance to provide value to the growing and diverse community in Miami and its surrounding cities, as well as join a championship community, a championship organization, and a championship culture.”
According to the Miami Herald Miami-Dade County will see $90 million from the deal once expenses and payments to the Miami Heat are deducted, with the funds being divided among the 13 county commissioners and directed toward combating gun violence and poverty.
LegislationTitle: FTX set to secure naming rights to Miami NBA stadium until 2040
Sourced From: cointelegraph.com/news/ftx-set-to-secure-naming-rights-to-miami-nba-stadium-until-2040
Published Date: Wed, 24 Mar 2021 01:43:07 +0000