The arena naming rights deal with FTX is ending.
The bayfront Heat homecourt's name will be associated with the county for 19 years. FTX was supposed to make a $5.5 million payment in January.
The arena will be referred to as FTX Arena for Saturday's game between the Heat and Hornets, but soon the name will be changed to something else.
The county and team said the reports about FTX were disappointing. The business relationships with FTX are being terminated by the Miami HEAT. We will be looking for a new naming rights partner.
The company was unable to cover accounts as customers rushed to withdraw funds due to the steep fall in the price of cryptocurrencies.
FTX had signed a number of sports marketing deals over the past few years, including a sponsorship deal with the Golden State Warriors. Some of the top athletes who had FTX deals were Tom Brady, Stephen Curry and Naomi Osaka.
FTX entered into sponsorship deals with Major League Baseball and Mercedes for Formula One racing. Mercedes said it would remove FTX logos from its cars.
The AmericanAirlines Arena has been the home of the Heat since 1999.
The team had a naming rights deal with FTX. The vast majority of the $90 million would be paid to the county to fight gun violence and poverty.
The AP contributed.
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