Jimmy Butler and his family will soon no longer be playing in the FTX Arena. The American company, one of the largest cryptocurrency exchange platforms, has indeed engaged the procedure for filing for bankruptcy. At the same time, it announced the resignation of its managing director, Sam Bankman-Fried.
Direct consequence: the Heat, who qualified these reports “extremely disappointing”, intends to rename his room. The franchise has declared its intention to take “ immediately take steps to end our business relationship with FTX “, finding ” a new partner for arena naming rights “.
The rout of the company is linked to revelations, reporting mismanagement by FTX of its clients’ funds, as well as investigations initiated by the American authorities into the poor financial health of the group.
For the record, the Florida franchise signed a 19-year naming contract with this company last year, for $135 million. After an upfront payment of $14 million, FTX was expected to make a $5.5 million payout in January. It was only last month that the logo of the cryptocurrency trading platform was formally installed on the roof of the room.
It is also recalled that FTX has concluded many agreements in the world of sport. The company had thus signed partnerships with Shaquille O’Neal, Tom Brady, Stephen Curry, Naomi Osaka, the Golden State Warriors, MLB and therefore Miami County, in order to put its name on the Heat room until 2040.
