Samuel Bankman-Fried’s FTX crypto exchange is allegedly one vote away from acquiring the naming-rights deal for the arena of the NBA’s Miami Heat. The meeting aims to vote on the sponsorship agreement at the county-owned arena in downtown Miami. After two decades as AmericanAirlines Arena, the venue would be renamed the FTX Arena and the iconic American plane image stripped from the roof. The deal is worth $135 million agreement. And the deal is all set to be approved on March 26 by the Miami-Dade County Commission. Miami-Dade to Get $5 Million a Year As a part of the agreement, Miami-Dade is expected to “pay the (Miami) Heat $2 million annually under an option the county exercised in 2018 to find the arena’s next sponsor.” However, it is not yet disclosed by the officials how much net revenue will accrue to Miami-Dade. The deal will represent the opportunities exchange has, to showcase cryptocurrencies to the mainstream audience. The report reads; “If approved, the agreement would bring the NBA its first arena sponsor for the crypto industry, and inject FTX into the Miami sports vocabulary at a time when the city’s mayor is courting tech executives and embracing bitcoin.” FTX Crypto Exchange Cuts Deal for Miami Heat In early February this year, it is reported that Mayor Francis Suarez’s proposal was supported by Miami city commissioners. The proposal enables the city to hold Bitcoin in the treasury. The city commissioners have voted to support the mayor’s resolution to allow payments in bitcoin for salaries, taxes, and fees. The commissioners endorsed the proposal for the city to accept the payments of taxes and salaries in the form of crypto. The FTX’s agreement with Miami-Dade will represent a significant turning point for the pro-Bitcoin mayor if approved. The FTX and Miami-Dade represent yet another mainstream foray by Bankman-Fried. The 29-year-old billionaire had emerged as the second biggest donor to the U.S. President Joe Biden’s election campaign, even before revelations of FTX’s agreement with Miami-Dade,
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