MIAMI – The iconic plane on the roof of American Airlines Arena could soon be a thing of the past.
Instead, the official logo of FTX may be in its place.
FTX is a leading cryptocurrency exchange that was willing to pay major bucks for the exposure.
Local 10 News obtained Miami-Dade County Mayor Daniella Levine Cava’s memo about the change, which shows it is a $135 million naming rights deal.
$90 million will go to the county over a 19-year period.
It’s about $7 million in revenue annually until 2040.
American Airlines was paying about $2 million annually until their agreement expired last year.
The arena first opened in 2000.
Mayor Levine Cava hailed the deal as the best possible financial option for the county, adding that it will have a positive impact across the community.
According to the proposed legislation, the money would be divided among the 13 county commissioners.
Part of the funding would be allocated to fight gun violence and poverty in each district.