Less than two years after its approval, Miami-Dade and the Miami Heat announced the termination of its deal with cryptocurrency exchange FTX, which filed for bankruptcy amid scandal over misappropriated funds.
FTX to date paid $20 million of $130 million promised in a 19-year agreement with the county last year to rename the Heat’s home FTX Arena.
Much of the money funded Miami-Dade’s “Peace and Prosperity Plan” boosting community wellness.
“(We) look forward to identifying a new partner to continue funding these important programs int the years ahead,” Miami-Dade, the Heat and city of Miami said in a joint statement.
– Jesse Scheckner, Florida Politics