America’s popular basketball team, the Miami Heat, has decided to withdraw from their 19-year deal with FTX.
After the collapse of the cryptocurrency exchange FTX, deals and partnerships began to come to an end. FTX CEO Sam Bankman-Fried (SBF), whose name is mentioned with scandalous allegations, was claimed to be the number one name in the stock market crash. The allegations that the exchange trades with the assets of its customers also took place on the agenda. With the outbreak of events, following Mercedes, the Miami Heat also announced that they were withdrawing from the deal.
FTX Bankruptcy Speeds Things Up for Miami Heat
The bankruptcy of the cryptocurrency exchange FTX accelerated the work of the professional basketball team Miami Heat.
Shortly after the stock market’s bankruptcy, the Miami Heat and Miami-Dade County issued a joint statement. Citing the collapse of the cryptocurrency exchange, they cut all ties.
With the agreement between the Miami Heat and FTX, the naming rights of the stadium where the basketball team plays were given. Events that echoed in the city of Miami brought the cancellation of the agreements.
Miami Heat and Miami-Dade County stated the following in their joint statement;
“Reports on FTX and its affiliates are extremely disappointing. Miami-Dade County and Miami HEAT are taking immediate action to end our business relationships with FTX.”
The city of Miami has also started looking for a new sponsorship for the arena where the basketball team will play their matches.
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