Miami-Dade County and the Miami Heat are ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.
The county, which owns the arena, signed a 19-year, $135 million deal for the bayfront Heat homecourt's name in 2021. After an initial balloon payment of $14 million, FTX was scheduled to make a $5.5 million payment in January.
The arena will still technically be referred to as FTX Arena for Saturday's game between the Heat and Charlotte Hornets, but signage and the name will soon come down.
"The reports about FTX and its affiliates are extremely disappointing," the county and team said in a joint statement. "Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena."
FTX, a cryptocurrency exchange, filed for Chapter 11 bankruptcy protection Friday after a steep fall in crypto prices left the company unable to cover accounts as customers rushed to withdraw funds.
The deal in Miami was one of a number of sports marketing deals FTX had signed over the past few years, including sponsorship deals with the Golden State Warriors and Washington Wizards. Among top athletes who had FTX deals included Tampa Bay Buccaneers quarterback Tom Brady, Warriors guard Stephen Curry and tennis star Naomi Osaka.
FTX also entered into a deal with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball, whose umpires wear the company's logo. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.
The Heat's home was known as American Airlines Arena from its opening in 1999 until last season.
The team was to receive $2 million a year as part of the naming rights deal with FTX. Most of the rest -- roughly $90 million over the lifetime of the agreement -- was to be paid to the county, the vast majority of it earmarked toward fighting gun violence and poverty.
Joined: 10 Dec 2006 Posts: 51319 Location: Making a safety stop at 15 feet.
Posted: Fri Nov 11, 2022 9:14 pm Post subject:
Wait . . . Companies revolving around a currency model with no tangible connection to any kind of regulating base, where dude bros looking to get rich quick by playing around like they’re playing fantasy football can mess with the value, and where any douchebag with enough true wealth can just manipulate the market are failing?!
I’m shocked. Just totally shocked. _________________ You thought God was an architect, now you know
He’s something like a pipe bomb ready to blow
And everything you built that’s all for show
goes up in flames
In 24 frames
Joined: 02 May 2005 Posts: 90138 Location: Formerly Known As 24
Posted: Sat Nov 12, 2022 8:26 am Post subject:
Been trying to say that anything that has designs on being both an investment and a currency is going to have to be one of the other, or neither. _________________ “We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented.” ― Elie Wiesel
Crypto.com CEO Kris Marszalek admitted that a transfer was mishandled, but said the company’s processes have since been strengthened.Photo: Bloomberg
Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction.
Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.
Crypto.com CEO Kris Marszalek admitted that a transfer was mishandled, but said the company’s processes have since been strengthened.Photo: Bloomberg
Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction.
Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.
Economy slows down. Depositors decide to cash out of their holdings in crypto. Realize the money isn't there any longer. House of cards begins to crumble.
When this crypto boom turns to bust, CNBC is gonna have a lot of new content for their show American Greed. At them moment I would better study crypto signals. When selecting a crypto market signal provider, it is important to consider the provider's reputation and experience in the industry. It is also important to consider the reliability of their signals and the accuracy of their analysis. Additionally, traders should research the various signal providers available to determine which ones have the best track record of providing reliable and accurate signals. Finally, traders should also consider their budget and the cost of the signal provider's services. 3commas is the best provider, my opinion.
True! Modern crypto is a dependable newsmaker.
Last edited by Macferson on Tue Dec 06, 2022 2:19 pm; edited 1 time in total
I wonder how he managed to get $250m. It is some insane amount of money even for a crypto exchange owner. Investment is not that simple as I initially had thought before. Luckily I have Beatmarket to help me figure all the pittfalls out.
Last edited by Ogrounder on Thu Mar 02, 2023 5:41 am; edited 1 time in total
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If you're interested in learning more about staking and how it can benefit your investment strategy, you may want to check out this informative resource from Creed Finance: https://creed.finance/learn-everything-you-need-to-know-about-staking-cro/. This guide offers a comprehensive overview of the staking process and provides useful tips and insights for staking cryptocurrency in a safe and effective manner.
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