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Miami-Dade County has entered into a 19-year partnership with FTX exchange. The county unveiled this news through a press release on March 23, noting that this agreement would see it name the home of American professional basketball team Miami HEAT FTX Arena. Reportedly, this agreement is pending the approval of the Miami-Dade Board of County.
According to the news release, the Board of County is set to hold a special meeting on March 26 to decide the fate of this deal. Apart from NBA games, the Biscayne Bay venue facilitates the hosting of concerts, performances, and cultural events. As such, it attracts approximately 2 million users each year.
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Miami-Dade County’s mayor, Daniella Levine Cava said that she went to great lengths to ensure the county got the best possible deal while safeguarding public finances. Through this collaboration, Cava estimates the Miami-Dade County will make £65.66 million over the 19 years. Apart from this, Cava believes that this joint venture would have a positive impact on the community.
A multi-faceted tie
Elated about this partnership, FTX’s CEO, Sam Bankman-Fried said the entire FTX family is excited to join hands with Miami-Dade County and the Heat. He added that this opportunity means more than putting the exchange’s name on an iconic building. According to him, it is a chance to provide value to the growing and diverse community in Miami and its surrounding cities. On top of this, the partnership will let the exchange join a championship community, a championship organization, and a championship culture.
Per the publication, this collaboration will see FTX work with Miami-Dade County to underpin technology and FinTech education, the financial wellness of the county’s residents, among other initiatives. Additionally, FTX vowed to make contributions worth £3.5 million to the community over the 19 years. In so doing, the exchange hopes to help the county’s residents thrive.
Reportedly, The Superlative Group, Miami-Dade’s naming rights consultant, oversaw the negotiations on behalf of the county. On the other hand, Glushon Sports Management represented FTX.