A general view of the American Airlines Arena prior to the start of an NBA basketball game between the Indiana Pacers and the Miami Heat, Sunday, March 21, 2021, in Miami. (AP Photo/Joel Auerbach)
Following a meeting of the Miami-Dade County Commission on Friday the downtown home of the Miami Heat will be known as FTX Arena.
The naming rights were purchased by the cryptocurrency exchange after American Airlines opted to not renew their sponsorship of the arena after holding the rights since the building along Biscayne Bay opened in 1999.
The fee for the naming rights, $90 million over the next 19 years, will go to the county though $2 million per year will go to the Heat under the terms of Miami-Dade’s agreement with the NBA team.
FTX is a cryptocurrency exchange firm where Bitcoin and other online currencies are traded.