The home of the Miami Heat will keep the same name until the end of their current season.
In a news release issued Wednesday, the Heat announced the FTX Arena would officially take effect starting in the 2021-22 NBA season. The cryptocurrency exchange will become the “Official and Exclusive Cryptocurrency Exchange Partner.”
“We are ecstatic to welcome them with open arms to the Magic City. This is a ground-breaking, first-of- its-kind partnership in our industry that will draw global attention,” said Eric Woolworth, President of the team’s business operations.
The name change will be a first for the Biscayne Boulevard building, which has been named the AmericanAirlines Arena since opening its doors in 1999.
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“FTX.us has planted their flag both on the global sports landscape and here in Miami, which will connect them to this community in a meaningful and impactful way for many years to come,” said John Vidalin, the company’s Executive Vice President & Chief Commercial Officer.
As part of the reported 19-year, $135 million-dollar deal, FTX’s name will be placed on the arena as well as on the team’s online platform, promotions, contests and community engagement.
FTX reportedly negotiated the deal under an agreement that the Miami-Dade County would reserve the sponsorship money to help combat gun violence and poverty in Miami-Dade.
American Airlines announced in 2019 it would not renew naming rights to the arena, but the name has remained past the expiration of the last contract while another sponsor was found.