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Miami-Dade County on Mar. 26 finalized a new 19-year partnership with FTX to name FTX Arena, home of the Miami Heat, following approval by the county commission.
The partnership grants FTX exclusive naming rights for the arena (formerly known as AmericanAirlines Arena), an iconic Biscayne Bay venue that is home to concerts, performances, cultural events, and more, drawing nearly two million visitors per year.
Naming rights for the Arena are negotiated by Miami-Dade County in coordination with the Miami Heat.
County commissioners approved a proposal, sponsored by Commissioner Keon Hardemon, to invest $90 million in net revenues through the naming rights partnership in programs to reduce gun violence and expand economic prosperity for Miami-Dade residents.
“This is a historic investment for Miami-Dade — $90 million over 19 years that we will put to use to tackle some of our most pressing challenges and build a healthier, safer community,” said Miami-Dade County Mayor Daniella Levine Cava. “We’re grateful to FTX for their investment in Miami-Dade and proud to bring this partnership home.”
“We face an epidemic of violence that is endangering too many families and neighborhoods.
I’m proud that we are seizing on this opportunity to invest resources directly in programs that will reduce gun violence and create pathways to prosperity for people all across Miami-Dade,” Commissioner Hardemon said.
“The entire FTX family is thrilled to launch this partnership with Miami-Dade County and the Heat,” said Sam Bankman-Fried, FTX CEO. “Through this partnership FTX isn’t just putting our name on an iconic building, we are committed to providing value to the growing and diverse community in Miami-Dade over the next two decades.”
Through the partnership, FTX also will collaborate with Miami-Dade County to support technology and Fintech education, financial wellness for residents, and other programs. FTX 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.
FTX is the leading cryptocurrency exchange where customers can trade Bitcoin, Ethereum and other cryptocurrencies at www.ftx.us.
