Crypto industry to get first major U.S. stadium with Miami-Dade County approving FTX for Heat home

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Cryptocurrency exchange FTX could soon replace American Airlines as the title sponsor for the arena that is home to the NBA franchise.

The deal, approved by the Miami-Dade Board of County Commissioners on Friday, is for $135 million over 19 years.The company now joins a long, and sometimes checkered, history of firms with stadium naming rights.Giannis Antetokounmpo #34 of the Milwaukee Bucks drives to the basket against Bam Adebayo #13 of the Miami Heat during the second half at American Airlines Arena on March 02, 2020 in Miami, Florida.

The NBA still needs to approve the deal before it becomes official, FTX CEO Sam Bankman-Fried said in an email. The NBA did not immediately respond to requests for comment. The Heat declined to comment. For other companies, however, the naming rights served as billboards that reminded audiences of their struggles. Sports AuthorityEnron famously had the rights to the MLB's Houston Astros stadium before an accounting scandal brought down the company. And in Oklahoma City, Chesapeake Energy's branding is still on the basketball arena for the NBA's Thunder, even after the companyThe dot-com era two decades ago provides even more fodder for naming rights gone wrong.

Many of the commissioners and Daniella Levine Cava, the mayor of Miami-Dade County, praised the agreement that the funds from the deal that could be used for initiatives to curb poverty and gun violence. A few of of the commissioners, including Rebeca Sosa, raised concerns about awarding the rights to a young company that has a limited U.S. presence, but the deal passed with an overwhelming majority.

 

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