Miami no longer home to FTX as Sam fights for his freedom
•The FTX Arena is no more, as a Florida judge stripped fallen cryptocurrency exchange FTX of its naming rights to the home of the Miami Heat on Wednesday.
• The news comes after a court hearing in the Bankruptcy Court of Delaware, where attorneys told the court that funds from Alameda Research funded the deal with Miami-Dade county.
• Today’s order finalized the parties’ separation, and now allows the owners of the Miami Heat arena to look for new bidders and partnerships.
The long-awaited separation between FTX Arena and Miami Heat ownership has finally come to fruition. The Miami-Dade County Commission voted in favor of the deal following a court hearing in the Bankruptcy Court of Delaware. This separation will have a significant impact on both the local economy and the community. In this blog post, we will take a closer look at what this separation means for FTX Arena, Miami Heat ownership, and the community as a whole.
FTX has an arena??
FTX Arena is a multi-million dollar entertainment complex located in Miami’s Overtown neighborhood. The arena was developed by Micky Arison, CEO of Carnival Corporation, and the owner of the Miami Heat, along with his sister Shari Arison, who owns Bank Hapoalim. In October 2020, the arena was purchased by Alameda Research LLC, an investment firm founded by cryptocurrency entrepreneur Sam Bankman-Fried.
The court hearing on was attended by attorneys from both sides, where they presented evidence to Judge Mary Walrath in the Bankruptcy Court of Delaware. The funds for the purchase were provided by Alameda Research LLC and funded through a $635 million loan from Bank Hapoalim USA. After reviewing all evidence, Judge Walrath approved the deal on the same day.
This separation allows FTX Arena to seek out new bidders and partnerships while still operating as an independent entity separate from Miami Heat ownership. Additionally, it also provides numerous benefits for both parties involved. Miami Heat ownership now has access to funds they can use to invest back into their team, and local businesses surrounding the Overtown neighborhood have new economic opportunities.
In summary, the separation between FTX Arena and Miami Heat ownership has been finalized after a successful court hearing in Delaware’s Bankruptcy Court on April 20th. This separation allows FTX Arena access to potential partners and bidders, while providing Miami Heat with funds they can use to invest back into their team and the local community. This powerful partnership will have a major impact on South Florida’s economy and community as a whole moving forward. This is definitely a landmark moment for the entertainment industry and it’s exciting to see what new opportunities this separation will create in the future.