Thursday, June 1, 2023

Miami-Dade County Approves FTX for Heat Home

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A cryptocurrency exchange could soon write on an NBA team’s stadium in a city trying to rebrand itself as the crypto capital.

FTX received the naming rights to the American Airlines Arena, home to the Miami Heat. The $135 million deal, which will last 19 years, approved by the Miami-Dade Board of County Commissioners on Friday.

Before the purchase becomes official, the NBA must approve it, according to FTX CEO Sam Bankman-Fried in an email. The NBA did not respond to requests for comment. The Heat did not respond to a comment request.

The company has now joined a long and tumultuous history of companies owning stadium naming rights. Gillette and the New England Patriots, or Staples Center and the Los Angeles Lakers, are two examples of such brands.

Other corporations, on the other hand, used the naming rights as billboards to remind audiences of their challenges. After going bankrupt in 2016, Sports Authority had to drop its sponsorship of the NFL’s Broncos stadium.

Enron famously owned the Houston Astros’ stadium before the firm brings down by an accounting scandal. Even after declaring bankruptcy last year, Chesapeake Energy’s logo is on the Oklahoma City Thunder’s arena.

Naming rights examples

Even more examples of naming rights gone awry can find during the dot-com boom two decades ago.

According to a report, tech behemoth CMGI was the principal sponsor of what would become Gillette Stadium. But it back out because its stock price plummeted. Around the turn of the century, the now-defunct businesses Adelphia and PSINet purchased NFL stadium naming rights.

Miami lawmakers and business leaders works hard over the last year to make the city more attractive to IT and crypto firms.

Miami’s mayor, Francis Suarez, told CNBC last month that public employees might request to receive compensation in bitcoin.

Commitment to address poverty and gun violence praises by many commissioners, including Miami-Dade County Mayor Daniella Levine Cava.

A few commissioners, including Rebeca Sosa, expressed reservations about providing a young company with a small presence in the United States. However, the sale approves by an overwhelming majority.

FTX is an international cryptocurrency exchange that does not trade in the United States and offers more items than its American counterpart, FTX US, according to Bankman-Fried, who is the largest shareholder in both.

The Miami Heat have become one of the most accomplished NBA teams in recent years, having reached five NBA Finals and winning two titles since 2010.

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Rainy Naidoo
Rainy Naidoohttps://www.cryptoconstellation.com/
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.
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