More and more companies are carrying out strategic actions whose ultimate goal is to enter the normal sector of the economy. For this reason, the cryptocurrency exchange FTX, secures the rights to the name of the Miami Heat stadium, for an amount of 135 million dollars.
As a curious fact, becoming the first crypto company to name an NBA stadium in history.
Also, in addition to NBA games, the iconic venue is home to concerts, performances, cultural events, and more. And, it attracts nearly two million visitors per year.
In parallel, the journalist Joe PomplianoHe reported through his Twitter account that this business was not done by the NBA team, since it is not within its powers. Therefore, the commercial agreement was finalized by the city of Miami through official officials.
FTX secures naming rights
Without a doubt, the cryptocurrency exchange FTX has reached an agreement with Miami-Dade County on a 19-year partnership worth $ 135 million. Specifically, to name the Miami Heat stadium as FTX Arena.
Naturally, the deal marks a major partnership for a cryptocurrency-based platform, which will see FTX linked to the Miami Heat through 2040.
In this regard, the Mayor of Miami-Dade County, Daniella Levine Cava stated: «We are proud to announce this great new naming rights association. And we hope to present it to the BBC for approval.».
Adding: «This partnership will have a positive impact on our community and we are pleased to find a partner in FTX, ready to invest in Miami-Dade.».
In fact, the agreement will go to the Miami-Dade Board of County Commissioners. For final approval at a special meeting on Friday, March 26.
More about the deal
Obviously, according to the Miami Herald, Miami-Dade County will receive $ 90 million from the settlement after deducting expenses and payments to the Miami Heat.
It is also true, that the funds will be divided among the 13 county commissioners and will be used to combat gun violence and poverty, which increased considerably during the pandemic.
By the way, the CEO of FTX, Sam Bankman-Fried, he pointed: “This opportunity is more than putting our name on an emblematic building. It is an opportunity of Miami and its surrounding cities».
Additionally, through the partnership, FTX will also collaborate with Miami-Dade County to support the technology. FTX also committed an additional $ 5 million in community contributions to help residents prosper.
Lastly, what is your take on FTX’s impending sponsorship deal with Miami-Dade? Let me know in the comment box.
I retire with this phrase from Sigmund Freud: «If two individuals always agree on everything, I can assure you that one of the two thinks for both».