Miami wins bid to scrap $135M NBA arena deal with bankrupt FTX

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Miami wins bid to scrap $135M NBA arena deal with bankrupt FTX
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Judge John Dorsey, who is presiding over FTX’s Chapter 11 bankruptcy protection filing, handed down a court order on Wednesday.

of dollars worth of customer funds to cover risky bets made by his hedge fund, Alameda Research.

Judge John Dorsey, who is presiding over FTX’s Chapter 11 bankruptcy protection filing, handed down a court order on Wednesday instructing Miami-Dade County to remove all FTX signage and advertising from the 21,000-seat arena in downtown Miami.that the venue will simply be called “the arena” until the county could strike a new deal with a sponsor over naming rights.FTX and the county agreed to a 19-year naming rights deal for the arena in March 2021.

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