As per the latest report, FTX is going to make an agreement with Miami-Dade County to get the naming rights of the sports arena of the Miami Heat till 2040.
As reported by Miami Herald, if Miami-Dade County agrees with the terms of the FTX. American Airlines’ current logo will be replaced by the FTX Arena as American Airlines have been paying for the naming rights from the previous two decades. FTX is going to be the first member of the crypto world to get the chance of gaining the naming rights of the NBA. This whole process is pending till the 26th of March as still the approval of the Miami-Date County Commission is required, which will be made of the mentioned date.
It has occurred that this deal is under consideration since from 13th of March, which is going to be first and unique in the history of the crypto industry. CEO of FTX, Sam Bankman-Fried, expressed his views in the press of Miami-Dade Country on 23rd of March saying that this opportunity is going to be very fruitful in imprinting their name on the iconic building of the Miami-Dade Country. It is one of the best opportunities to facilitate the nourishing and diversified community in the surrounding of Miami and the country in itself.
Adding more to it, he said that not only restricted to this step, but FTX will be joining the county as a community of champions, organization of champions, and significantly as the culture of champions.
Miami Herald is foreseeing Miami-Dade County to roll in $90 Million when the deal is being done, and expenses, as well as the payments for Miami Heats, are deducted. It is preplanned the money received from the deal will be distributed among 13 different commissioners, and funds will be meant to cope with poverty, violence, and gun combating for a better future for the country.
Depending on the deal’s approval, it is anticipated to work for the betterment of the country as 20% of the revenue will be allocated for the organization and the programs planned to work for the economic prosperity of the country and to cope with the gun combating violence. While the rest of 80% of the revenue will be assigned as per the district’s share for the country’s shooting incidents and shooting homicides.