The FTX cryptocurrency exchange intends to buy the naming rights for the NBA’s Miami Heat’s arena for $135M, the Miami Herald reported Friday.
The downtown Miami venue is called the American Airlines Arena, often referred to as the Triple A.
An agreement with Miami-Dade County would last 19 years. In a complex deal, the county would take in $8.2M the first year and less in subsequent years. The county would have to pay the Heat $2M per year, plus various other operational expenses, but it would ultimately get to keep about $90M to be reserved for combating gun violence and poverty, the paper reported.
Click here to read the rest of the article written by Deirdra Funcheon over at Bis Now
