wplg logo

New naming rights agreement for Miami Heat arena gives county $5 million annual increase on old deal

$90 million will go to Miami-Dade County over a 19-year period.
$90 million will go to Miami-Dade County over a 19-year period.

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.

RELATED LINK

Get to know FTX: Miami Heat arena close to finalizing new name


About the Author:

In January 2017, Hatzel Vela became the first local television journalist in the country to move to Cuba and cover the island from the inside. During his time living and working in Cuba, he covered some of the most significant stories in a post-Fidel Castro Cuba.