Heat make big announcement following FTX collapse

The Miami Heat made a big announcement on Friday.

The Heat will be looking to rename their home arena following the collapse of FTX, a cryptocurrency exchange that went bankrupt.

“The reports about FTX and its affiliates are extremely disappointing,” the Heat said in a statement. “Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena.”

The Heat’s home arena was constructed in 1998, and it was named American Airlines Arena from 1999-2019. FTX received the naming rights to the arena after their $135 million agreement was approved in March 2021. Just a year-and-a-half later, FTX has collapsed, and the Heat need a new arena name.

On Friday, the FTX logo was already being removed from the top of the arena.