Crypto’s FTX and The county of Miami-Dade have reached a compromise to rename Miami Heat home on the Bay of Biscayne into ‘FTX Arena,’ for two decades previously known as AmericanAirlines Arena.
The agreement for 19 years was reached for the first crypto-exchange sponsoring the main professional sports center in the United States with a huge amount of $135 million. In a declaration of the Mayor of Miami-Dade Daniella Levine Cava
“My top priorities throughout the process were to ensure that we found the best deal for the county and to safeguard public finances.”
This apportionment has given an edge to FTX being more publicly exposed than other exchanges, increasing their Twitter supporters.
The agreement was negotiated by the town, which controls the naming rights with a payment of 2 million dollars per year to the team, while over 19 years the province is gaining almost $90 million.
In a speech made by FTX CEO Sam Bankman-Fried said, A special vote is scheduled for Friday at a special sitting pending the approval of the County Committee of Miami-Dade County Commissioners.
“The whole FTX family are delighted to partner in the County and Heat of Miami-Dade.”
“This is more than a chance to put our name into an emblematic building. It’s a chance to value Miami and its cities, to help the growing and diverse community, to join a championship community, a champion organisation, and a culture of championship.”
Futhermore, FTX will work with the County to support technology, Fintech training and additional programs. Over the course of the deal, the exchange “helping Miami-Dade citizens thrive” has also committed a further $5 million beyond the Naming Rights Partnership.
Opened in 1999, the arena also hosts concerts and other events and, according to the county, attracts about two million visitors a year.
