Crypto exchange FTX will likely gain the naming rights to the Miami Heats’ sports arena, according to the Miami Herald.
Over the past several weeks, FTX negotiated a $135 million deal to gain naming rights for the home stadium of the NBA team the Miami Heats. With this, FTX will replace the stadium’s current AmericanAirlines branding and name it after its exchange.
$90 million from the deal will go to Miami-Dade County, which controls the naming rights. The county has reserved those funds for initiatives against gun violence and poverty; the remainder of the funds will be paid to the Miami Heats at a rate of $2 million per year.