Share this article
FTX Owes Miami $16.5M For Arena Sponsorship Cancellation
The contract between FTX and Miami-Dade County says FTX must pay the County three years of fees in the event of default.
By Sam Reynolds
Updated May 9, 2023, 4:02 a.m. Published Nov 12, 2022, 6:07 a.m.
FTX owes Miami-Dade County, the owners of the facility formerly known as FTX arena, $16.5 million, according to a contract signed last year between the bankrupt exchange.
According to the contract, the $135 million deal is amortized over 19 years. The contract also says that in the event of a default by FTX, which includes an “insolvency event”, the exchange will be liable to pay three years of contract fees, within 60 days. After paying $14 million during signing of the contract, FTX will now be liable to pay $16.5 million for the subsequent three years. If the payment is not paid within ten business days, the County says it has the rights to charge 12% interest per anum until the payment is made.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In the first year, the exchange paid the County $14 million, while between years 2-4, it owes an annual fee of $5.5 million. In year 5, it owes $6 million, and by year 10, it owes $7 million, then $8 million by year 19.
Late Friday, the County and the Miami Heat announced that they had terminated the relationship with FTX because of its bankruptcy.
"The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena," a press statement issued Friday reads.
<
FTX will also be liable for the removal of all signage and decorations in the arena.
Read more: FTX Files for Bankruptcy Protection in US; CEO Bankman-Fried Resigns
UPDATE (Nov. 12, 12:30 UTC): Updates headline.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
