It has barely been a year since the Miami Heat penned a multi-year deal with FTX over the naming rights of their home stadium. At this point, however, the team has decided to cut ties with the cryptocurrency exchange company after reports emerged that it had recently filed for bankruptcy.

The Heat and Miami-Dade county came out with a joint statement on Twitter on Friday evening:

“The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena.

“We are proud of the impact our Peace & Prosperity Plan – sponsored by County Commissioner Keon Hardemon and funded through the original deal – is already having in preventing violence and creating opportunity for young people across Miami-Dade, and we look forward to identifying a new partner to continue funding these important programs in years ahead,” read the statement.

The downfall of FTX has completely rocked the crypto industry to its core. This was considered one of the most stable companies in the highly volatile crypto industry and its now-former CEO Sam Bankman-Fried, who himself turned in his resignation on Friday, was also viewed as one of the top minds in the industry. According to reports, the company currently owes up to $8 billion to its 1-million strong userbase.

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As for the Heat, their deal with FTX was supposed to run for 19 years after a $135 million naming rights deal was signed before the start of the 2021-22 season. However, the shocking developments within the company have left the team with no other choice but to find a new sponsor.

According to Heat insider Ira Winderman of the South Florida Sun-Sentinel, however, because of the quick turnaround, the stadium will still remain FTX Arena for Saturday’s matchup against the Charlotte Hornets.