‘FTX Arena’ Crypto Exchange Ready to Close the Deal with Miami-Dade County for $135 Million
Miami-Dade County and cryptocurrency exchange FTX have reached an agreement to rename the home of the Miami Heat on Biscayne Bay to ‘FTX Arena,’ previously named AmericanAirlines Arena for two decades.
The agreement has been reached for a 19-year partnership for a whopping $135 million to become the first crypto exchange to sponsor a major professional sports venue in the US. Miami-Dade Mayor Daniella Levine Cava said in a statement,
“Ensuring that we identified the best possible deal for the county and safeguarding the public’s finances were my top priorities throughout this process.”
Already this deal has resulted in the public exposure of FTX with an increase in their Twitter followers more than other exchanges.
The Miami Heat effect already starting to play out! pic.twitter.com/KDE0DB6C2j
— skew (@skewdotcom) March 24, 2021
The deal was negotiated by the city, which controls the naming rights with an agreement to pay the team $2 million annually while the county will earn nearly $90 million over 19 years.
The deal is pending the approval of the Miami-Dade County Board of County Commissioners, for which the final vote is scheduled for Friday at a special meeting. FTX CEO Sam Bankman-Fried said in a statement,
“The entire FTX family is thrilled to partner with Miami-Dade County and the Heat.”
“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.”
FTX will also be collaborating with the County to support technology, Fintech education, and other programs. The exchange has also committed an additional $5 million over the course of the deal, beyond the naming rights partnership, “to help Miami-Dade residents thrive.”
Opened in 1999, the arena also hosts concerts and other events, drawing about two million visitors per year, according to the county.