Coinspeaker
FTX Arena Naming Rights Deal Officially Terminated
FTX Arena is a thing of the past. As the crypto industry is slowly coming to terms with the massive fall of crypto exchange platform FTX, a judge from Florida declined FTX its naming rights to the home of the Miami Heat on Wednesday.
The news follows a court verdict in the Bankruptcy Court of Delaware, where the lawyers argued that the funds from Alameda Research sponsored the deal with Miami-Dade county. The county had already obtained approval to remove FTX signage after the exchange directive for Chapter 11 bankruptcy safekeeping last November.
The order on Wednesday confirmed the parties’ division and enable the owners of the Miami Heat arena to search for newer collaborations on the enterprise. According to Legal Analyst David Weinstein, while monetary compensation will be provided to redeem the money lost under the contract, this is one of those scenarios where collaborations end up slashing ties and moving on.
Acco
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