Miami-Dade County announces new naming rights agreement with FTX

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Miami-Dade County and FTX have reached an agreement for a 19-year partnership to name FTX Arena, home of the Miami HEAT. The agreement now goes to the Miami-Dade County Board of County Commissioners for Board approval at a special meeting scheduled for Friday, March 26.
Naming rights for the Arena are negotiated by the County in coordination with the Miami HEAT. In addition to NBA games, the iconic Biscayne Bay venue is home to concerts, performances, cultural events and more, drawing nearly two million visitors per year.
“We are proud to announce this great new naming rights partnership for the Arena, and look forward to bringing it before the BCC for approval,” said Miami-Dade County Mayor Daniella Levine Cava. “Ensuring that we identified the best possible deal for the County and safeguarding the public’s finances were my top priorities throughout this process. This partnership, which will earn the County nearly $90 million over 19 years, will have positive impact across our community, and we are glad to find a partner in FTX ready to invest in Miami-Dade.”
“The entire FTX family is thrilled to partner with Miami-Dade County and the Heat,” said FTX CEO Sam Bankman-Fried. “This opportunity is more than putting our name on an iconic building. It is a chance to provide value to the growing and diverse community in Miami and its surrounding cities, as well as join a championship community, a championship organization, and a championship culture.”
Through the partnership, FTX will also collaborate with Miami-Dade County to support technology and Fintech education, financial wellness for residents, and other programs. FTX also committed an additional $5 million in contributions to the Miami-Dade community beyond the scope of the naming rights partnership over the course of the deal, to help Miami-Dade residents thrive.
The County’s naming rights consultant, The Superlative Group, led negotiations on behalf of the County and Glushon Sports Management represented FTX in the negotiations.
About FTX
FTX is the leading cryptocurrency exchange where customers can trade Bitcoin, Ethereum and other cryptocurrencies at www.ftx.us. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.
Date

March 31, 2021

Category
Business
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