Miami Heat Announce New Name For Home Arena
MIAMI, FL - APRIL 21: A detailed view of the Miami Heat playoff shirts in the seats through the arena before Game Four of Round One of the 2018 NBA Playoffs between the Miami Heat and the Philadelphia 76ers at American Airlines Arena on April 21, 2018 in Miami, Florida. (Photo by Mark Brown/Getty Images)
The Miami Heat have announced the new name for their Biscayne Bay basketball arena.
For now, the multi-purpose venue will be referred to as Miami-Dade Arena.
"Effective Immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility's existing signage and the changeover of branding elements will be ongoing in the coming weeks," the team wrote in an official statement released on Friday.
The previous naming rights deal between FTX and Miami-Dade County was terminated on Wednesday by a federal bankruptcy court. The collapsed cryptocurrency exchange was forced into bankruptcy after incurring billions worth of losses. Company founder Sam Bankman-Fried was arrested on felony fraud charges last month.
FTX agreed to a 19-year, $135 million naming rights deal with the Heat in June of 2021. The transfer of signage and removal of all FTX logos will be a massive undertaking over the next few weeks.
Once again, NBA fans will have to get used to a new name for the home of the Heat.
