Miami-Dade County Wins Right to Strip FTX Name Off Arena: Federal Bankruptcy Court Terminates Deal
Per NBA
FTX had multiple advertising deals with multiple outlets, including the Miami-Dade County arena, which resulted in it being referred to as the FTX Arena. A federal bankruptcy court has terminated the deal, which allows the arena to take down signs and advertising material related to the now-collapsed crypto firm.
With the naming rights deal terminated, this will allow the NBA's Miami Heat to play in the arena with no more ad materials referring to the now-collapsed crypto firm. Miami-Dade County contracted with FTX for 19 years for naming rights to the arena.
The deal was worth $135 million, and per an article by NPR, the county decided to file a motion with the Delaware court to scrub off the name as they argued that the failed company would result in "significant hardship" for the county.
The motion also notes that this would hurt the county's efforts to seek a new sponsor for the arena. Miami-Dade county was among the companies involved when a Judge issued a "stay" order as FTX filed for bankruptcy protection on November 11.
So far, Miami-Dade county has received $20 million from FTX and is scheduled to receive another payment in January. The county was expected to receive $5.5 million, while under the terms of the deal, the county should receive payment for the now-collapsed crypto firm for three years.
While awaiting his day in court, Sam Bankman-Freid previously gave a statement sharing how confident he was about the deal with the county over the arena naming rights. A new discovery found that SBF spent $2,500 on lunch for himself and his staff and a total of $40 million on hotels, food, and travel for nine months.
SBF: "To the point where, frankly, we don't need to rely on the other 18 years to have the funds for this."
The progress of the bankruptcy proceedings included a Delaware Bankrupt judge finding $5 billion in liquid assets. However, whether the assets will be sold remains unknown, as the FTX attorney argues that it could significantly affect the market price.
See flow at unusualwhales.com/flow.
Other News:
- Filing Reveals FTX Spent $7M on Food in 9 Months: $40M Spent In Total for Hotels, Foods, and Travel
- FTX Recovers Cash, Crypto, and Securities with Liquid Assets at a $5 Billion Total
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