Cryptocurrency exchange FTX reached an agreement with Miami-Dade County to acquire naming rights to Miami NBA Stadium – the home of Miami Heat – for 19 years.
The agreement will be taken to the Miami-Dade County Board of County Commissioners for Board approval at a meeting to be held on March 26.
Cryptonary previously reported that the exchange and the county were negotiating a sponsorship deal.
If the agreement is approved, FTX will become the first crypto firm to secure NBA naming rights.
The deal will be one of the largest deals that a crypto firm will have outside its industry. FTX will be tied to Miami Heat until 2040.
FTX CEO Sam Bankman-Fried expressed the thrill that the FTX family has as a result of the deal.
“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.”
The deal in numbers
Per the statement, the county will pocket $90 million from the deal over a 19-year period.
Miami-Dade County Mayor Daniella Levine Cava said that they wanted to find the best deal for the county and safeguard its finances.
“This partnership, which will earn the County nearly $90 million over 19 years, will have positive impact across our community, and we are glad to find a partner in FTX ready to invest in Miami-Dade.”
The partnership will also see the exchange champion other causes – technology and fintech education, financial wellness for residents, and other programs – in Miami-Dade County.
FTX also committed an additional $5 million that will be used for causes other than naming rights to help the people of the county thrive.
The Superlative Group, the County’s naming rights consultant, represented Miami-Dade in the deal negotiations while Glushon Sports Management represented the exchange.
Crypto comes to Miami
The sponsorship deal further cements Miami’s ambitions to become a major cryptocurrency hub.
Miami Mayor Francis Suarez wants to sell the city as the cryptocurrency capital of the world, the New York Times report.
Mayor Suarez also wants to use Miami’s surplus cash to invest in bitcoin.