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NBA approves deal to name Miami Heat’s home building FTX Arena

New name will kick in at start of 2021-22 season

NBA approves FTX Arena naming deal with Miami Heat
NBA approves FTX Arena naming deal with Miami Heat

MIAMI – As expected, the Miami Heat’s new long-term partnership with FTX was given final approval by the NBA.

It’s a done deal. Beginning with the 2021-22 NBA season, American Airlines Arena will be called FTX Arena.

“The NBA has approved the deal,” said FTX CEO Sam Bankman-Fried. “It’s a great team with a great history and so I think it also felt like just a really good fit for us.”

While working from his office in Hong Kong, at 9 p.m. their time, Bankman-Fried spoke to Local 10 News.

“One of the things that I’m excited for here is having the opportunity to introduce something new to a lot of people,” he said.

It was two weeks ago when the Miami-Dade County Commission approved the $135 million deal for the next 19 years.

$90 million goes into county coffers. Funding, they said, will be used to fight gun violence and poverty.

“Giving is really important to me and to the company,” Bankman-Fried said.

Many Heat fans and South Florida residents may now be wondering just what is the company FTX?

“It’s a crypto currency exchange,” said Bankman-Fried.

For those who are wondering, here is how he describes crypto-currency.

“It’s a new type of currency which is natively digital.”

As for Bankman-Fried, he is a 29-year-old CEO reportedly worth billions.

“I watch way too much sports for my own good,” he said.

Baseball, basketball and football, so it’s fair to say that interest in the Downtown Miami arena does have a personal connection.

“In the end, it’s not my passion for sports that matter,” Bankman-Fried said. “It’s what we can do for the business and the county and the team and the partnership that matters.”

It also shouldn’t be too long until Bankman-Fried heads to South Florida and takes in a Miami Heat game inside the building bearing his company’s name.

“As soon as everything gets rolled out, I’ll absolutely be there,” he said.

Hear more from FTX CEO Sam Bankman-Fried in the tweets below:

RELATED LINKS

NBA still needs to approve Miami-Dade’s $135M deal with FTX to rename Miami Heat’s home

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

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.