Tim Reynolds, Associated Press
MIAMI. Miami-Dade County has filed a petition in federal bankruptcy court seeking the immediate removal of the FTX trademark from the Miami Heat.
The county owns the arena and has negotiated naming rights with FTX.
In a petition filed on Tuesday, Miami-Dade said that further appeal to the building as such would only exacerbate the “ongoing hardships” caused by the collapse of the cryptocurrency business.
“It does not appear that the debtor will be harmed if the contract is terminated (on behalf of),” the county wrote in its request. On the other hand, the county continues to provide the debtor with a valuable showcase by looking for a new partner.
A hearing has been scheduled for mid-December. For now, the FTX sign remains on the building and its name has not changed.
FTX filed for bankruptcy on November 11; that same day, County and the Heat began to cut ties with the company.
By agreement with Major League Baseball last season, umpires wore the company’s logo.
In Formula 1, Mercedes has already removed the FTX logo from its racing cars.
The Heat’s home has been called the FTX Arena since June 2021.
The 19-year, $135 million sponsorship deal between FTX and the county was just getting started.
The next FTX payment due to the county is $5.5 million on January 1st.
As part of the deal, The Heat were to receive $2 million a year.
FTX was the third largest cryptocurrency exchange.
However, the company suffered billions of dollars in losses before filing for bankruptcy protection.
Tallahassee and Washington are investigating the Bahamas-based company and its founder, Sam Bankman-Freed. They would invest investors’ money in companies without having the authority to do so.