Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today we are going to look at an interesting event which has arisen thanks to the recent FTX collapse.
Current Contract
FTX has left Miami-Dade County going through an unscheduled breakup after the recent financial turmoil created by the going-on's of CEO Sam Bankman-Fried and FTX. The Miami Heat and Miami-Dade County made the announcement that they would be ending their association and sponsorship with FTX which allowed FTX to slap its name and image on the basketball franchise's arena downtown, which is owned by the county. This comes a year on from the announcement which included FTX as part of a 19-year, $135 million deal with the city and team. Apparently FTX still owes the county $16.5 million for defaulting on the deal, along with any associated costs with removing the existing branding and signage. The tweet below for Miami Heat shows just how quickly they have reacted to the FTX issues.
New Sponsors
Welcome back BangBros, the American porn company who had an offer in 2019 to sponsor the arena only to be shot down. They have resubmitted their offer, one which consists of $10 million a year to sponsor the arena for the next decade, along with a proposal to rename the arena the "BangBros Center" As in: The BBC. The county didn't bite back in 2019 when the offer was made, and they had to wait until mid-2021 when the literally too-good-to-be-true deal with FTX was struck.
In an exclusive to the New York Times, a representative of Bangbros stated:
"We hope they seriously reconsider the BangBros Center (BBC). If they accept our offer, they would be supporting a local business made up of loyal season ticket holders for the last 20 years. They can show their loyalty back by selling us the naming rights."
It has become a fascinating situation for the Miami Heat and Dade-County, with one of the main reasons for rejecting the Bangbros offer in the past was the desire not to be associated with such things as porn. Now suddenly they find themselves embroiled in the media frenzy surrounding the "groups of kids" who caused financial disaster. They now has the opportunity to turn the media attention surrounding the most embarrassing naming-rights partner of all time into something much less embarrassing but likely just as newsworthy. Whether or not they will end up associating themselves with Bangbros or waiting for another offer waits to be seen, but it is fascinating how the FTX fiasco has so many far reaching consequences.
Have a great day.
Peace. CryptoGod-1.
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