The deal between cryptocurrency exchange FTX and the Miami Heat basketball team has been discussed intensely over the past few weeks. The partnership was made official earlier today, with FTX getting the naming rights to the Miami Heat’s stadium for the next 19 years.
FTX owns naming rights to the Miami Heat stadium
The partnership between crypto exchange FTX and the Miami Heat basketball team was made official earlier today. According to the press statement by the NBA, FTX now owns the naming rights to the Miami Heat’s stadium for the next 19 years.
Both parties are excited about this latest development following weeks of negotiation. Cryptonary previously reported that FTX reached an agreement with Miami-Dade County to acquire naming rights to Miami NBA Stadium – the home of Miami Heat.
Eric Woolworth, head of The HEAT Group’s Business Operations, stated that “FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at lightning speed, and 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.”
FTX CEO Sam Bankman-Fried praised the advent of blockchain technology and cryptocurrencies. He stated that “Internet technology and digital finance are evolving incredibly quickly. We wanted to partner with a city and a franchise that are dynamic, diverse, innovative and always forward-looking.”
FTX deal contains other parts
The FTX deal with the Miami Heat isn’t restricted to stadium naming right only. The NBA team stated that “the deal includes prominent in-arena signage, hospitality, association with HEAT digital content series, promotions, contests, community engagements and more.”
The deal is valued at $135 million, with roughly $90 million to be directed to Miami-Dade County over 19 years. The county intends to use the funds to support programs that address issues such as gun violence and at-risk youth.