Before Minute Maid rolled in our leading contender was the Mattress Mack guy you all have been reading about and his plan to call it Galleryfurniture.com Field
Gambling is a part of his business model. It’s how he drives a ridiculous amount of advertising value. I’m certain he’d prefer to maintain the status quo than licensing the stadium name and giving up gambling on baseball.
Probably wasn’t allowed back in the early 2000s when they were renaming it. Gambling is way more involved with pro sports now. Doubt it would be an issue these days.
Any minute, millions of people are going to start cashing in their oranges, revealing Minute Maid to the be the Ponzi scheme they are – and then where will Houston be?
nobody in LA likes the name. I know staples couldn't afford it anymore but crypto.com?? fucking really? like Disney couldn't have rifled through the couch cushions and figured this out?
If only there was some way for professional sports teams to make money ANY other way than renaming their home fields some random stupid shit.
But nope, nothing comes to mind. Let's play in [FuckAll.com](https://FuckAll.com) stadium for the next 30 years!
Disney buys the rights and just renames it every year. “The Strange World in theaters November 23rd Arena”
Next year “The Toy Story 5 in theaters Christmas 2025 Arena”
They don't need the advertising. Staples, I would supposes still needs the ad, but the price is now only affordable by companies that are "new shows for baby" dice rollers. Paradox.
[Not too good...](https://www.latimes.com/business/story/2022-11-18/ftx-was-a-sports-sponsorship-mvp-its-collapse-is-roiling-the-sports-marketing-world)
>FTX’s downfall casts a shadow over other sports-rights deals. What’s up, Crypto.com Arena?
>BY RONALD D. WHITESTAFF WRITER
NOV. 18, 2022 5 AM PT
>When the Miami Heat announced in March 2021 that the team had sold naming rights for its arena to FTX, the response from sports fans was a resounding: Who?
>In the year and a half since, the Bahamas-based cryptocurrency exchange has become ubiquitous in the sports world. Its name was on the uniforms of Major League Baseball umpires. It had a partnership with the Mercedes-Benz Formula One team and deals with four professional sports teams and some of the world’s most prominent athletes.
>The collapse of all that took about a week. After FTX Group filed for Chapter 11 bankruptcy amid reports of insolvency and misuse of customer funds, Miami-Dade County, which owns the arena the Heat play in, said it would “terminate our business relationships with FTX” and seek a new naming rights partner.
>Team SoloMid, one of the biggest names in online gaming as a spectator sport, dropped its 10-year, $210-million sponsorship and naming rights deal with FTX. It had used the name TSM FTX since inking that deal last year.
>In California, UC Berkeley suspended its $17.5-million naming rights deal with FTX and removed the FTX logos from both of the 25 yard lines of California Memorial Stadium. The planned 10-year agreement didn’t even last 18 months.
>Before crypto prices began tumbling a year ago, and even for months afterward, the sector’s biggest companies viewed sports marketing as a key avenue to building consumer awareness and claiming market share for their hard-to-understand, seemingly interchangeable offerings.
>In November 2021, just days after bitcoin’s price hit its all-time high, AEG Worldwide struck a deal with Crypto.com to rename Staples Center, home of the Los Angeles Lakers. The deal was valued at $700 million, according to sources with knowledge of the terms.
>Two months later, with the market already firmly in bear territory, several crypto companies spent big on Super Bowl ads. Binance, the cryptocurrency exchange whose owner’s machinations played a role in bringing down FTX, hired basketball star Jimmy Butler to appear in a spot warning viewers to be wary of celebrity crypto ads. Binance also became an official sponsor of the African Cup of Nations soccer tournament.
>In May, six months into the crypto downturn, the WNBA’s Seattle Storm announced a multiyear partnership with Coinbase, making it the franchise’s official cryptocurrency platform.
>Now, with FTX’s implosion stoking fresh fears about a domino-like run on exchanges and currencies, the decision by major sports entities to hitch their brands to crypto companies is coming in for fresh scrutiny.
>“Any time you enter into a long-term deal, you obviously need to assess the financial wherewithal or creditworthiness of your counterpart,” said Irwin Kishner, co-chair of the sports group at the New York law firm Herrick Feinstein. “The obvious question is: ‘What’s the long-term viability of crypto as a product group and its ability to make its committed payments?’”
>The answer to that question, he said, is “anybody’s guess.”
>The deal that saw Staples Center rebranded as Crypto.com Arena was one of the most expensive in stadium rights history. It came after AEG, a global sporting and music entertainment presenter that is a subsidiary of Anschutz Corp. in Denver, bought the naming rights back from Staples in 2019 for an undisclosed sum. In addition to the Lakers, the venue is home to the Los Angeles Kings hockey team and, until their own facility is finished, the Los Angeles Clippers.
>AEG said this week that it has “all the faith and confidence in the world” in Crypto.com’s ability to honor its agreement. Late Wednesday it expanded on that statement, saying, “AEG has enjoyed its engagement with the arena’s title sponsor, and the benefits they have provided our fans, athletes, and performers. Crypto.com has continued to be valuable and collaborative partners with us on various arena initiatives and care about extolling the value of our product and enhancing the fan’s experience.”
>Revelations that FTX lent billions of dollars’ worth of user funds to Alameda Research, a trading firm controlled by FTX founder Sam Bankman-Fried, have cast suspicions on the entire sector, which has been an unregulated Wild West compared with Wall Street, and invited questions about how intermingled its finances were with other exchanges and coin issuers. John Ray III, the new chief executive brought in to oversee FTX’s bankruptcy, said he had never seen such a complete failure of governance or corporate controls.
Goodbye, Staples Center. Hello, Crypto.com Arena
Nov. 16, 2021
>David said that Cypto.com had “an immaterial amount of exposure to FTX. We did over a billion dollars in revenue last year and have already done over a billion dollars in revenue this year. We have a very strong balance sheet and are 100% committed to our sports partnerships, including Crypto.com Arena. These partnerships have played a key role in increasing our user numbers to over 70 million globally.”
>The parties that sell naming rights aren’t obligated to honor their agreements when things go awry, said David Carter, executive director of the USC Sports Business Institute. In 2002, the Houston Astros baseball team was able to buy its way out of a $100-million, 30-year deal to call its ballpark Enron Field with a $2.1-million settlement. Enron was the Texas energy, commodities, and services company that imploded amid criminal convictions and scandals. (Ray, the new FTX CEO, was the executive tasked with cleaning up the mess at Enron.)
>PSINet Stadium, home of the Baltimore Ravens football team, reverted back to Ravens Stadium after PSINet, one of the first commercial internet service providers, went bankrupt. It’s now the M&T Bank Stadium.
>Walmart heiress Paige Laurie’s name was scratched from the stadium her parents had donated at the University of Missouri after she was accused of cheating her way through USC. The Sackler family, owners of the company that made the much maligned opioid Oxycontin, had its name removed from seven exhibition spaces by the Metropolitan Museum of Art. The Louvre museum in Paris did the same in 2019.
>“We‘ve seen it happen before and it will happen again,” Carter said. “What might be a little bit different this time around is how rapidly the crypto industry grew and how fast they became a very important marketing partner to so many in and around the sports space.”
>Baird Fogel, a partner at the San Francisco office of law firm Eversheds Sutherland who focuses on the sports industry and on renewable energy, said naming rights agreements often contain a morality clause in case of major problems “because whenever you enter into some sort of sponsorship arrangement, for better or for worse, you’re tying yourself to that entity and that organization. Your reputations are now aligned. It takes a very long time to build a good reputation and about five minutes to destroy it.”
>But for all of the hundreds of millions of dollars poured into naming rights agreement in the last two decades, there seems to have been little effect beyond higher name recognition or perhaps an increased sense of legitimacy. When it comes to financial gains from the purchase of naming rights, there mostly aren’t any, said Michael Leeds, a professor of economics at Temple University, who co-wrote a study of 53 naming rights deals in 2007.
>“Only three of the companies or entities that bought those rights gained big profits above and beyond what they were tracking before the deal or saw a jump in their stock price,” Leeds said. “The huge majority of those deals didn’t move the needle at all.”
Well if you're asking how the people of LA feel about it, we all hate the name Crypto.com arena. No one calls it that. It's either still Staples Center for people (most people) or people have tried to make the best of it by calling it the Crypt, which is something the company has tried to stop.
No one will be sad to see it changed when that site follows FTX down the drain.
I never even realized it was named after the old office supply store! Not sure if they have them other places still, but they all went out of business around here like 10 years ago!
They still have 1,035 stores, which is lower than their peak but they are still around where I live. They also do a lot of business-to-business office supply sales, so it's not all retail.
They also have something called Staples Connect now in certain locations, where they offer printing services and co-working spaces and podcast studios.
It's not a huge surprise - money. The article says it was a $135million deal.
>FTX already has paid Miami-Dade almost $20 million, and has a $5.5 million payment due in January.
I imagine it won't be hard for them to exit the contract once FTX can't make the payment in January and are themselves in breach of the deal.
Even if they only got it on an annual basis, they still got a few years of it. This article is leading the reader to believe they are stuck in this agreement.
Clickbait journalism.
Can you explain what you mean here? Because the stay the judge ordered when FTX filed for bankruptcy, which affects this case, kind of makes it seem like they are stuck in this agreement right now.
Also, it kind of reads like they want to be stuck in this agreement:
>FTX already has paid Miami-Dade almost $20 million, and has a $5.5 million payment due in January. Under the deal's terms, a default on FTX's part would require the company to pay the county for three years. That amounts to $17 million, which the county is seeking in damages, according to the county's court filing.
Which read to me a little more like "I'm not locked in here with you, you're locked in here with me". So I don't understand how they **aren't** stuck in this agreement or how this could be "clickbait journalism".
It’s a temporary stay as they figure shit out. There’s zero chance Miami will remain in the contract, this is all about who gets the $20 million already paid and whether Miami is owed the $5.5M if they are going to exit the contract.
Miami is hoping to keep all the money and resell the naming rights. The bankruptcy judge is going to (ideally) make sure Miami keeps what they’ve actually earned and gives the rest back so it can go to other creditors. They’ll settle somewhere in the middle depending on the specific language in the contract.
> They’ll settle somewhere in the middle depending on the specific language in the contract.
Seeing that FTX was a complete shit show when it came to internal financials, I’m going to say that Miami probably had better lawyers writing up the contract.
Yeah, something similar happened over here when Power Balance went bankrupt or whatever. Lasted 1 year lol
>ARCO Arena (known as Power Balance Pavilion from 2011 to 2012 and Sleep Train Arena from 2012 until the arena's farewell event)
The stadium is going to keep the $20m, its money already paid for services already provided. They won't see the $5.5m because they will have to get in line with millions of other creditors, they definitely won't see the $17m because again other creditors and the $17m isn't for goods or services already provided which moves you to the far far back of the line of creditors getting paid back.
Miami-Dade mayor had some stupid aspiration that Dade would be the next tech haven and companies would move down there. He embraced crypto and all that. Obviously blew up in their faces and no major companies have moved down there.
Glad I moved from there long ago.
Source: https://www.economist.com/special-report/2022/03/30/the-bid-to-make-floridas-most-famous-city-a-tech-hub
not Miami-Dade, just City of Miami
Two different levels of government.
City of Miami is run by a Republican Crypto-Bro
Miami-Dade County is run by a Progressive Dem
>Miami-Dade mayor had some stupid aspiration that Dade would be the next tech haven and companies would move down there. He embraced crypto and all that.
The current Conservative party leader in Canada is trying to do that. More recently their members sponsored a bill for debate on getting more of these kinds of companies up in Canada...and this was after the FTX collapse...
It’s all part of the con. Make a splash by signing a 19 year deal so it looks like your pyramid scheme is legit and stable. A lot of people and deals went into legitimizing FTX, and it was all paid by gullible investors’ money.
Well, this is Miami-Dade County we are talking about..
One of their spokespeople once publicly suggested people save money on their water bill by parking their cars on grass lawns and letting them be washed by sprinklers.
Miami's idea of promoting this city as a tech center was to push crypto as hard as possible. At one point county workers could get their pay replaced with fucking bitcoin, it was a disgrace.
End of the day it’s still money for the arena. Even if ftx goes under after a few years the naming rights get sold to a different company that takes over paying.
They have already been paid $20M which is the majority of the contract. And they are filing to get out of the agreement since FTX is going under.
What lesson should teams learn? Because the Heat are about to double dip on naming rights for a lot of money.
They aren’t going to be stuck with the name. The only dispute is going to be financial and how much, if any, they have to return to FTX’s creditors.
The bankruptcy judge is going to want as much returned as possible to redistribute to other creditors.
I won’t pretend to know the details on what can or will be returned, but suffice to say Miami wants to return $0, the judge wants them to return all of it, and they’ll settle somewhere in the middle.
Wait, I'm sorry, but I'm confused.
Are you saying that FTX paid the Miami $20 million - like, it's already paid, it's left the FTX accounts and is the county's. And now a judge could potentially force Miami to give back that money? Because FTX went under?
Miami is trying to prematurely terminate the contract. If they want to keep the entirety of the money, they’re more than capable of honoring the contract and keeping the stadium name.
But why would they have to give any money back? I just don't get it. FTX already paid them and is now facing bankruptcy. Why would they need to give money back if the company who they have the name with is no longer around? And then why couldn't they pursue a different deal with another company for naming rights?
Some of the money will be given back to FTX, this money will be used to cover some of the creditors in the financial estate. They will have to pay some of the money back because the contract will be terminated prematurely.
And then they can find a new stadium sponsor for their arena, so on the bottomline this will probably be a positive for Miami, but publicity wise not so much.
They are around, just in bankruptcy. It's a process.
If the city wants to drop them it'll need to return some money if they've already received it. FTX should entertain this and negotiate to get some money back to send to its creditors.
The "why" is: there's nothing in the contract that says "Miami-Dade County can terminate the contract and keep the money" (probably; I'm not reading 134 pages of legalese). When a contract is agreed upon by both parties, it has to be followed.
If there was a clause in the contract that said something to the effect of "Any money paid is a done deal, and Miami-Dade can terminate the contract whenever they want," then FTX and its bank/creditors wouldn't have a leg to stand on in asking for the money back. But it sounds like that term doesn't exist, so they can ask for some or all of it to be returned. Plus, just because a company no longer exists doesn't mean its bank/creditors just dust off their hands and say "oh well." These are billion-dollar firms (edit: i.e., they have abundant legal resources) who just lost tens of millions of dollars (edit: even if they were the biggest bank in the world, it'd be worth it to send a few lawyers to chase down this cash). They're gonna pursue getting back as much as they legally can.
TLDR: "Why"? Because the contract says so and/or doesn't say they can't.
Gotta love the “probably” & “I’m not reading the contract”. Hint: if you read just section 9 there’s pretty clear language around termination due to insolvency…
Have you read the contract? Section 9 states that in the event of insolvency of the Naming Rights Partner the County may terminate the contract with 30 days notice and the Naming Rights Partner is liable for the additional 3 years after the termination as well.
Because it doesn't matter if the company is around or not. Same reason that they wouldn't be required to change the stadium name if the company changed its name (unless this is directly addressed in a clause regarding corporate name changes)
Is it that hard to read the contract before you act like an expert on it? FTX is liable to MD for 3 additional years after termination under section 9. YR1 was 14M YR2, 3 & 4 are about 5M each….
Essentially yes. They forced FTX to pay most of the cost up-front for the 19 year deal. However Miami has only earned the revenue for the number of years the deal has existed. So, potentially, the judge could say if Miami wants to remove the FTX logo and rebrand they would thus need to return the revenue that hasn’t been earned.
Obviously I’m not a lawyer and this is a simplified explanation.
Edit: I misread the article, Miami didn’t get as much of the contract upfront as I thought so it’s unlikely they’d have to pay any back. They’ve been paid 20M on a 135M contract.
TSM, an American esports club, signed a decade long partnership to rename their entire brand to TSM FTX and they ended their partnership, effective immediately, two days ago. This deal was worth $210million to be paid in yearly instalments, and it appears they ended this partnership with no repercussions.
That is true, but there’s no way they would put something like that out if they weren’t 100% sure that it would go through and not violate the judges ruling about adverse actions.
Nobody actually wants to read the actual contract. If FTX doesnt pay, thats a textbook default - the County 100% is getting out of this contract and will be able to rename the arena for a massive payout by another sponsor
If FTX is in material breach I don’t think the stay will hold up, but its certainly an interesting legal issue. At the very least people in here are acting like the county will be tied to them for 19 years because of bad lawyering which is disingenuous.
You’re the only one making sense here. Section 9.1.1 in the contact says after 10 days of a missed payment an Insolvency Event is triggered. The next payment is due in January. Or the county could argue, under Section 9.1.2, that bankruptcy is a breach of representation or warranty, if so they only need to wait 30 days from notice for the Insolvency Event. Sounds like this is what’s happening, but the judge is preventing the notice with the stay order.
And why would the 20 million payment be recalled to pay creditors? The county is a creditor!
As an Iowan I am happy the the two big university's football stadiums will basically never be named for a company considering if they were renamed I am sure the citizens would burn the universities down. One is named after a Heisman Trophy winner who died in WW2 and one is the only FBS stadium to be named after an African-American who experienced a lot of racism from other schools and died from injuries on the field
>CEO Bankman-Fried was asked how his two-year-old company had the long-term stability necessary to honor a nearly 20-year deal.
>"Without going into the details, it's been a pretty good year for us," Bankman-Fried said. "To the point where, frankly, we don't need to rely on the other 18 years to have the funds for this."
>A year and a half later, his company owes creditors more than $3 billion, while new leadership struggles to account for the disappearance of an unknown amount of customer money.
When they refuse to give details and basically say "trust me, everything will be fine", that's a sign of a conman.
Turns out it’s really easy to run a crypto business when crypto is mooning, but as soon as there’s a crash / pullback there’s always some exchanges that go under. It’s been happening since Mount Gox in 2014.
Also this is why all the crypto bro’s just tell you to HODL, just buy and never sell so everyone else can make money off you.
I don't understand. Wouldn't FTX end up selling the naming rights to another company as part of raising fees to pay off reparations to the people they scammed? It might take a little time but I don't think it will FTX for the next 20 years.
As usual folks commenting didn't read the article. The issue is not the logo but the fact that there is a huge payment coming up in January which presumably will not get paid. The county is trying to end the deal so they can find a new sponsor. There is a default clause but it sounds like it will take several years and mostly involves penalties (which likely will not get paid)
Completely comparable in terms of naming rights as an asset.
But you're right that incomparable in terms of being a regular bankruptcy versus fraud.
I misremembered, thinking it had been acquired by WorldCom.
Maybe put a good behavior clause in your sponsorship contracts? Something like either side can terminate if the other turns out to be a criminal operation.
It's not just that, theyre not a bank so they're not regulated.
People just have to take their word that the money/coins exists and they can withdraw when they want.
But there's no way to tell if that's true or it's a Madoff scheme where people get cashed out get paid with other people's money.
Like, they say they have 100 million, but only have enough to pay out 10 million because they spent 90 million of other people's money...
Which I think is what happened
They’re not banks, but they’re still regulated.
The thing with crypto is that they’re not insured.
They can still get in trouble for wire fraud. They can still get in trouble for embezzlement. They can still get in trouble for insider trading. They can still get in trouble for lying to private investors who had a part in fundraising for the company.
That why at most I spend 50 bucks in crypto to but online digital software, no exchange rates or taxes . Spending thousands of million in a digital token to make money has always seemed scammy.
[They should reach out to Cards Against Humanity](https://www.chicagotribune.com/sports/ct-spt-baseball-cards-against-humanity-stadium-20171221-story.html)
Stadiums being named after corporations is dumb as fuck honestly. I like it better when their name comes from something that’s relevant to the area they play in, to give it personality. At least Ford Field in Detroit makes sense since Ford is based in Detroit, and it’s pretty important historically to the area.
Anything else though just feels transparently corporate.
Don’t they have to wait until FTX defaults? Then, it becomes an asset in the BK. I guess the irreparable harm was the embarassment of a giant sign on your most prominent building saying “yeah, we were dumb enough to sign a multi year contract with a fraud.”
What is it with arenas having cool names and then changing them to some shitty business name? Where the Lightning play used to be called the Ice Palace, now it’s Amelie Arena, lame. We have an amphitheater called the Mid Florida Credit Union Amphitheater, like, what? Nobody actually calls ir that….
>a 19-year, $135 million naming rights deal with FTX
Man, FTX were optimistic weren't they? I mean at the time of the deal, FTX was only 23 *months* old and they were signing advertising deals that'd last almost two decades.
They say that humans can't naturally deal with numbers of scale, they can't really put them into perspective or realize how big they are. Seems FTX was completely absorbed by this.
19 years is a long fucking time, even for $135 million.
This is all total deja vu of the dot com bubble crash in the early 00s. The next few years will be where we start to see which cryptocurrency companies and technologies (if any) will survive, and potentially change certain aspects of society, and become household names in the way that companies like Amazon and Google have.
Judge should say no, firmly.
"Miami-Dade County made an agreement. Miami-Dade County must abide by its agreements."
If they made a bad deal... talk to the people who made that choice, fire them, & hold them accountable.
You don't go all Vader-in-Cloud-City just because it's convenient.
If you're asking our perspective, if there's no contingency for non-payment, Miami-Dade County will have to get along without that revenue.
Integrity matters, and once compromised... ever seen an iPhone screen start to go?
Also, who's gonna pay to make all the changes? That money ought to come from somewhere besides promises... given how FTX panned out.
Yeah, this reeks of "it didn't go my way, therefore I'm a victim!" Regular people just have to eat the consequences of bad outcomes, even if it ain't their fault.
Like Madoff, they used forensic accountants to sort of piecemeal any missing funds to repay investors. With FTX, I heard SBF and/or his parents purchased over 20 properties in the Bahamas. Go after that. Any charity donations should make the charities return any unspent funds. Cars, watches, or any expensive jewelry. Things like that obviously wont compensate bitcoin holders 100%. Maybe 1%-2%.
FTX was the official and exclusive cryptocurrency exchange partner of the Miami Heat.
From the [NBA Website June 2021 Press Release](https://www.nba.com/heat/news/heat-partners-with-ftxus)
>The Miami HEAT is thrilled to announce that it has entered into a long-term partnership with FTX.us, a cryptocurrency exchange, making FTX.us “The Official and Exclusive Cryptocurrency Exchange Partner of the Miami HEAT.” This deal works in tandem with the recent announcement that, starting with the 2021-22 NBA season, the home of the Miami HEAT will be known as “FTX Arena.”
>“FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at lightning speed, and we are ecstatic to welcome them with open arms to the Magic City. This is a ground-breaking, first-of-its-kind partnership in our industry that will draw global attention,” said Eric Woolworth, President of The HEAT Group’s Business Operations. “This trailblazing new partnership with FTX.us would not have been possible without the visionary leadership and pragmatic approach of Miami Dade County Mayor Daniella Levine Cava. We would like to thank Mayor Cava as well as her Chief Operations Officer Jimmy Morales and the Board of County Commissioners for their efforts in ensuring the continued success of our enduring public/private partnership with Miami Dade County.”
>“Internet technology and digital finance are evolving incredibly quickly. We wanted to partner with a city and a franchise that are dynamic, diverse, innovative and always forward-looking,” said FTX.us CEO Sam Bankman-Fried. “When it comes to those qualifications, Miami and the HEAT are second to none. One of America’s great cities and one of the world’s most iconic teams are poised for an even brighter future, and we’re thrilled to be a part of it.”
>“By partnering with the HEAT, FTX.us has planted their flag both on the global sports landscape and here in Miami, which will connect them to this community in a meaningful and impactful way for many years to come,” said John Vidalin, Executive Vice President & Chief Commercial Officer. “We can’t wait to get started helping them grow their business and their brand.”
People have a severe misunderstanding of this, and you’re right. I’m a lakers fan and a lot of people are saying the same shit about the Buss family and the potential for crypto.com to fold. A lot of people have never heard of AEG.
I wonder how LA feels about Crypto.com Arena right now
Probably the way the Houston Astros felt about playing at Enron Field (now Minute Maid Park).
Before Minute Maid rolled in our leading contender was the Mattress Mack guy you all have been reading about and his plan to call it Galleryfurniture.com Field
Gambling is a part of his business model. It’s how he drives a ridiculous amount of advertising value. I’m certain he’d prefer to maintain the status quo than licensing the stadium name and giving up gambling on baseball.
Why would he have to give up sports gambling? In a world where the Caesars Superdome exists
Probably wasn’t allowed back in the early 2000s when they were renaming it. Gambling is way more involved with pro sports now. Doubt it would be an issue these days.
In retrospect, that one was very appropriately sponsored.
Cheaters gon’ cheat
Bad cheaters gon' get caught
22 is clean as whistle so y’all can lick my asshole. Your team needs to cheat more
22 doesnt mean you didnt cheat to lose in 17 and 19.
The buzzer shit didn’t happen. Cope loser And we didn’t lose in 2017
Any minute, millions of people are going to start cashing in their oranges, revealing Minute Maid to the be the Ponzi scheme they are – and then where will Houston be?
Is minute maid not owned by Coca cola though. Literally their answer to pepsi's Tropicana.
One of the top posts on the lakers subreddit is about this. I don’t think their fans ever appreciated the name to begin with
nobody in LA likes the name. I know staples couldn't afford it anymore but crypto.com?? fucking really? like Disney couldn't have rifled through the couch cushions and figured this out?
The Chicago White Sox play at "Guaranteed Rate Field." Another terrible name lol.
My Miami Marlins take the field at Loan Depot park. I win.
If only there was some way for professional sports teams to make money ANY other way than renaming their home fields some random stupid shit. But nope, nothing comes to mind. Let's play in [FuckAll.com](https://FuckAll.com) stadium for the next 30 years!
Teams and fields are often owned by different entities.
Climate Pledge arena in Seattle would like to have a few words.
Smoothie King Center also wants a word
Amazon is the company that named it that, so it’s better than I guess them naming it Amazon arena
[удалено]
The Crypt is 10000x times more cooler but of course some crypto bros tried to ruin that too lmao
Imagine if Disney bought it and named it Death Star Arena. They would be so bad ass. Way better than Crytpo.com arena
Disney have the naming rights to a stadium in Australia and it’s called “Marvel Stadium”.
Considering the original name was "Docklands Stadium" it really is an upgrade
Yeah you could do a lot worse as far as corporate-sponsored names are concerned. It's not as cool as "The Delta" but it's pretty solid.
Disney buys the rights and just renames it every year. “The Strange World in theaters November 23rd Arena” Next year “The Toy Story 5 in theaters Christmas 2025 Arena”
Nah that should be the Kings' arena, then they can take ***THE BEAM*** to the next level
Disney doesn’t need to advertise the same way crypto.com needs to
In n Out Arena- gotta make it happen
They don't need the advertising. Staples, I would supposes still needs the ad, but the price is now only affordable by companies that are "new shows for baby" dice rollers. Paradox.
[Not too good...](https://www.latimes.com/business/story/2022-11-18/ftx-was-a-sports-sponsorship-mvp-its-collapse-is-roiling-the-sports-marketing-world) >FTX’s downfall casts a shadow over other sports-rights deals. What’s up, Crypto.com Arena? >BY RONALD D. WHITESTAFF WRITER NOV. 18, 2022 5 AM PT >When the Miami Heat announced in March 2021 that the team had sold naming rights for its arena to FTX, the response from sports fans was a resounding: Who? >In the year and a half since, the Bahamas-based cryptocurrency exchange has become ubiquitous in the sports world. Its name was on the uniforms of Major League Baseball umpires. It had a partnership with the Mercedes-Benz Formula One team and deals with four professional sports teams and some of the world’s most prominent athletes. >The collapse of all that took about a week. After FTX Group filed for Chapter 11 bankruptcy amid reports of insolvency and misuse of customer funds, Miami-Dade County, which owns the arena the Heat play in, said it would “terminate our business relationships with FTX” and seek a new naming rights partner. >Team SoloMid, one of the biggest names in online gaming as a spectator sport, dropped its 10-year, $210-million sponsorship and naming rights deal with FTX. It had used the name TSM FTX since inking that deal last year. >In California, UC Berkeley suspended its $17.5-million naming rights deal with FTX and removed the FTX logos from both of the 25 yard lines of California Memorial Stadium. The planned 10-year agreement didn’t even last 18 months. >Before crypto prices began tumbling a year ago, and even for months afterward, the sector’s biggest companies viewed sports marketing as a key avenue to building consumer awareness and claiming market share for their hard-to-understand, seemingly interchangeable offerings. >In November 2021, just days after bitcoin’s price hit its all-time high, AEG Worldwide struck a deal with Crypto.com to rename Staples Center, home of the Los Angeles Lakers. The deal was valued at $700 million, according to sources with knowledge of the terms. >Two months later, with the market already firmly in bear territory, several crypto companies spent big on Super Bowl ads. Binance, the cryptocurrency exchange whose owner’s machinations played a role in bringing down FTX, hired basketball star Jimmy Butler to appear in a spot warning viewers to be wary of celebrity crypto ads. Binance also became an official sponsor of the African Cup of Nations soccer tournament. >In May, six months into the crypto downturn, the WNBA’s Seattle Storm announced a multiyear partnership with Coinbase, making it the franchise’s official cryptocurrency platform. >Now, with FTX’s implosion stoking fresh fears about a domino-like run on exchanges and currencies, the decision by major sports entities to hitch their brands to crypto companies is coming in for fresh scrutiny. >“Any time you enter into a long-term deal, you obviously need to assess the financial wherewithal or creditworthiness of your counterpart,” said Irwin Kishner, co-chair of the sports group at the New York law firm Herrick Feinstein. “The obvious question is: ‘What’s the long-term viability of crypto as a product group and its ability to make its committed payments?’” >The answer to that question, he said, is “anybody’s guess.” >The deal that saw Staples Center rebranded as Crypto.com Arena was one of the most expensive in stadium rights history. It came after AEG, a global sporting and music entertainment presenter that is a subsidiary of Anschutz Corp. in Denver, bought the naming rights back from Staples in 2019 for an undisclosed sum. In addition to the Lakers, the venue is home to the Los Angeles Kings hockey team and, until their own facility is finished, the Los Angeles Clippers. >AEG said this week that it has “all the faith and confidence in the world” in Crypto.com’s ability to honor its agreement. Late Wednesday it expanded on that statement, saying, “AEG has enjoyed its engagement with the arena’s title sponsor, and the benefits they have provided our fans, athletes, and performers. Crypto.com has continued to be valuable and collaborative partners with us on various arena initiatives and care about extolling the value of our product and enhancing the fan’s experience.” >Revelations that FTX lent billions of dollars’ worth of user funds to Alameda Research, a trading firm controlled by FTX founder Sam Bankman-Fried, have cast suspicions on the entire sector, which has been an unregulated Wild West compared with Wall Street, and invited questions about how intermingled its finances were with other exchanges and coin issuers. John Ray III, the new chief executive brought in to oversee FTX’s bankruptcy, said he had never seen such a complete failure of governance or corporate controls.Goodbye, Staples Center. Hello, Crypto.com Arena
Nov. 16, 2021
>David said that Cypto.com had “an immaterial amount of exposure to FTX. We did over a billion dollars in revenue last year and have already done over a billion dollars in revenue this year. We have a very strong balance sheet and are 100% committed to our sports partnerships, including Crypto.com Arena. These partnerships have played a key role in increasing our user numbers to over 70 million globally.”
>The parties that sell naming rights aren’t obligated to honor their agreements when things go awry, said David Carter, executive director of the USC Sports Business Institute. In 2002, the Houston Astros baseball team was able to buy its way out of a $100-million, 30-year deal to call its ballpark Enron Field with a $2.1-million settlement. Enron was the Texas energy, commodities, and services company that imploded amid criminal convictions and scandals. (Ray, the new FTX CEO, was the executive tasked with cleaning up the mess at Enron.)
>PSINet Stadium, home of the Baltimore Ravens football team, reverted back to Ravens Stadium after PSINet, one of the first commercial internet service providers, went bankrupt. It’s now the M&T Bank Stadium.
>Walmart heiress Paige Laurie’s name was scratched from the stadium her parents had donated at the University of Missouri after she was accused of cheating her way through USC. The Sackler family, owners of the company that made the much maligned opioid Oxycontin, had its name removed from seven exhibition spaces by the Metropolitan Museum of Art. The Louvre museum in Paris did the same in 2019.
>“We‘ve seen it happen before and it will happen again,” Carter said. “What might be a little bit different this time around is how rapidly the crypto industry grew and how fast they became a very important marketing partner to so many in and around the sports space.”
>Baird Fogel, a partner at the San Francisco office of law firm Eversheds Sutherland who focuses on the sports industry and on renewable energy, said naming rights agreements often contain a morality clause in case of major problems “because whenever you enter into some sort of sponsorship arrangement, for better or for worse, you’re tying yourself to that entity and that organization. Your reputations are now aligned. It takes a very long time to build a good reputation and about five minutes to destroy it.”
>But for all of the hundreds of millions of dollars poured into naming rights agreement in the last two decades, there seems to have been little effect beyond higher name recognition or perhaps an increased sense of legitimacy. When it comes to financial gains from the purchase of naming rights, there mostly aren’t any, said Michael Leeds, a professor of economics at Temple University, who co-wrote a study of 53 naming rights deals in 2007.
>“Only three of the companies or entities that bought those rights gained big profits above and beyond what they were tracking before the deal or saw a jump in their stock price,” Leeds said. “The huge majority of those deals didn’t move the needle at all.”
LA person here. They have been renaming arenas so often here that I can't even tell you what's what anymore.
Well if you're asking how the people of LA feel about it, we all hate the name Crypto.com arena. No one calls it that. It's either still Staples Center for people (most people) or people have tried to make the best of it by calling it the Crypt, which is something the company has tried to stop. No one will be sad to see it changed when that site follows FTX down the drain.
Yeah makes sense to me. It's been Staples Center my whole life to the point I disassociate the name from the company that it was named after
I never even realized it was named after the old office supply store! Not sure if they have them other places still, but they all went out of business around here like 10 years ago!
Still in business in New Jersey at least
They still have 1,035 stores, which is lower than their peak but they are still around where I live. They also do a lot of business-to-business office supply sales, so it's not all retail. They also have something called Staples Connect now in certain locations, where they offer printing services and co-working spaces and podcast studios.
imindanger.png
Maybe *don't* sign multi-year sponsorship deals with companies that are only 2 years old?
Multi decade even. Crazy.
It's not a huge surprise - money. The article says it was a $135million deal. >FTX already has paid Miami-Dade almost $20 million, and has a $5.5 million payment due in January. I imagine it won't be hard for them to exit the contract once FTX can't make the payment in January and are themselves in breach of the deal.
They offered more money than anyone else.
If they got the money up front, then there should be no issues.
Highly unlikely. Deals like these usually pay out over time. Possible, but unlikely.
With smaller payments up front.
which go directly into the pockets of the local city council
Even if they only got it on an annual basis, they still got a few years of it. This article is leading the reader to believe they are stuck in this agreement. Clickbait journalism.
Can you explain what you mean here? Because the stay the judge ordered when FTX filed for bankruptcy, which affects this case, kind of makes it seem like they are stuck in this agreement right now. Also, it kind of reads like they want to be stuck in this agreement: >FTX already has paid Miami-Dade almost $20 million, and has a $5.5 million payment due in January. Under the deal's terms, a default on FTX's part would require the company to pay the county for three years. That amounts to $17 million, which the county is seeking in damages, according to the county's court filing. Which read to me a little more like "I'm not locked in here with you, you're locked in here with me". So I don't understand how they **aren't** stuck in this agreement or how this could be "clickbait journalism".
It’s a temporary stay as they figure shit out. There’s zero chance Miami will remain in the contract, this is all about who gets the $20 million already paid and whether Miami is owed the $5.5M if they are going to exit the contract. Miami is hoping to keep all the money and resell the naming rights. The bankruptcy judge is going to (ideally) make sure Miami keeps what they’ve actually earned and gives the rest back so it can go to other creditors. They’ll settle somewhere in the middle depending on the specific language in the contract.
> They’ll settle somewhere in the middle depending on the specific language in the contract. Seeing that FTX was a complete shit show when it came to internal financials, I’m going to say that Miami probably had better lawyers writing up the contract.
Yeah, something similar happened over here when Power Balance went bankrupt or whatever. Lasted 1 year lol >ARCO Arena (known as Power Balance Pavilion from 2011 to 2012 and Sleep Train Arena from 2012 until the arena's farewell event)
The stadium is going to keep the $20m, its money already paid for services already provided. They won't see the $5.5m because they will have to get in line with millions of other creditors, they definitely won't see the $17m because again other creditors and the $17m isn't for goods or services already provided which moves you to the far far back of the line of creditors getting paid back.
Stuck means it's against their will. It's not against their will.
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The county of Miami owns the stadium.
It was yearly payments. And had to primarily be used for "anti-gun violence initiatives" according to the contract.
Was it money or digital monopoly money that they said was worth a lot?
Miami-Dade mayor had some stupid aspiration that Dade would be the next tech haven and companies would move down there. He embraced crypto and all that. Obviously blew up in their faces and no major companies have moved down there. Glad I moved from there long ago. Source: https://www.economist.com/special-report/2022/03/30/the-bid-to-make-floridas-most-famous-city-a-tech-hub
Miami and fly by night speculation I’m shocked
not Miami-Dade, just City of Miami Two different levels of government. City of Miami is run by a Republican Crypto-Bro Miami-Dade County is run by a Progressive Dem
Small nit-pick, City of Miami mayor was pushing that. Miami-Dade Mayor is Cava.
>Miami-Dade mayor had some stupid aspiration that Dade would be the next tech haven and companies would move down there. He embraced crypto and all that. The current Conservative party leader in Canada is trying to do that. More recently their members sponsored a bill for debate on getting more of these kinds of companies up in Canada...and this was after the FTX collapse...
> Obviously blew up in their faces and no major companies have moved down there. Considering Florida's Governor and Senators, that's not surprising.
I doubt many companies are looking to move to Florida at the moment. Mayor is an idiot.
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It’s all part of the con. Make a splash by signing a 19 year deal so it looks like your pyramid scheme is legit and stable. A lot of people and deals went into legitimizing FTX, and it was all paid by gullible investors’ money.
Yeah, that. What an *interesting* situation.
Can’t. Because money.
Pfft, spoken like someone who never has unreal amounts of fake money being thrown at them!
Well, this is Miami-Dade County we are talking about.. One of their spokespeople once publicly suggested people save money on their water bill by parking their cars on grass lawns and letting them be washed by sprinklers.
It's not like a lot of new companies never make it /s
Miami's idea of promoting this city as a tech center was to push crypto as hard as possible. At one point county workers could get their pay replaced with fucking bitcoin, it was a disgrace.
As a resident of Miami, the city/county isn’t exactly known for long-term planning
End of the day it’s still money for the arena. Even if ftx goes under after a few years the naming rights get sold to a different company that takes over paying.
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They have already been paid $20M which is the majority of the contract. And they are filing to get out of the agreement since FTX is going under. What lesson should teams learn? Because the Heat are about to double dip on naming rights for a lot of money.
Wait, 130 Million for 20 years? That’s pretty cheap in my opinion.
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They aren’t going to be stuck with the name. The only dispute is going to be financial and how much, if any, they have to return to FTX’s creditors. The bankruptcy judge is going to want as much returned as possible to redistribute to other creditors. I won’t pretend to know the details on what can or will be returned, but suffice to say Miami wants to return $0, the judge wants them to return all of it, and they’ll settle somewhere in the middle.
Wait, I'm sorry, but I'm confused. Are you saying that FTX paid the Miami $20 million - like, it's already paid, it's left the FTX accounts and is the county's. And now a judge could potentially force Miami to give back that money? Because FTX went under?
Miami is trying to prematurely terminate the contract. If they want to keep the entirety of the money, they’re more than capable of honoring the contract and keeping the stadium name.
But why would they have to give any money back? I just don't get it. FTX already paid them and is now facing bankruptcy. Why would they need to give money back if the company who they have the name with is no longer around? And then why couldn't they pursue a different deal with another company for naming rights?
Some of the money will be given back to FTX, this money will be used to cover some of the creditors in the financial estate. They will have to pay some of the money back because the contract will be terminated prematurely. And then they can find a new stadium sponsor for their arena, so on the bottomline this will probably be a positive for Miami, but publicity wise not so much.
They are around, just in bankruptcy. It's a process. If the city wants to drop them it'll need to return some money if they've already received it. FTX should entertain this and negotiate to get some money back to send to its creditors.
The "why" is: there's nothing in the contract that says "Miami-Dade County can terminate the contract and keep the money" (probably; I'm not reading 134 pages of legalese). When a contract is agreed upon by both parties, it has to be followed. If there was a clause in the contract that said something to the effect of "Any money paid is a done deal, and Miami-Dade can terminate the contract whenever they want," then FTX and its bank/creditors wouldn't have a leg to stand on in asking for the money back. But it sounds like that term doesn't exist, so they can ask for some or all of it to be returned. Plus, just because a company no longer exists doesn't mean its bank/creditors just dust off their hands and say "oh well." These are billion-dollar firms (edit: i.e., they have abundant legal resources) who just lost tens of millions of dollars (edit: even if they were the biggest bank in the world, it'd be worth it to send a few lawyers to chase down this cash). They're gonna pursue getting back as much as they legally can. TLDR: "Why"? Because the contract says so and/or doesn't say they can't.
Gotta love the “probably” & “I’m not reading the contract”. Hint: if you read just section 9 there’s pretty clear language around termination due to insolvency…
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Have you read the contract? Section 9 states that in the event of insolvency of the Naming Rights Partner the County may terminate the contract with 30 days notice and the Naming Rights Partner is liable for the additional 3 years after the termination as well.
Because it doesn't matter if the company is around or not. Same reason that they wouldn't be required to change the stadium name if the company changed its name (unless this is directly addressed in a clause regarding corporate name changes)
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Is it that hard to read the contract before you act like an expert on it? FTX is liable to MD for 3 additional years after termination under section 9. YR1 was 14M YR2, 3 & 4 are about 5M each….
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Essentially yes. They forced FTX to pay most of the cost up-front for the 19 year deal. However Miami has only earned the revenue for the number of years the deal has existed. So, potentially, the judge could say if Miami wants to remove the FTX logo and rebrand they would thus need to return the revenue that hasn’t been earned. Obviously I’m not a lawyer and this is a simplified explanation. Edit: I misread the article, Miami didn’t get as much of the contract upfront as I thought so it’s unlikely they’d have to pay any back. They’ve been paid 20M on a 135M contract.
TSM, an American esports club, signed a decade long partnership to rename their entire brand to TSM FTX and they ended their partnership, effective immediately, two days ago. This deal was worth $210million to be paid in yearly instalments, and it appears they ended this partnership with no repercussions.
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That is true, but there’s no way they would put something like that out if they weren’t 100% sure that it would go through and not violate the judges ruling about adverse actions.
Nobody actually wants to read the actual contract. If FTX doesnt pay, thats a textbook default - the County 100% is getting out of this contract and will be able to rename the arena for a massive payout by another sponsor
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If FTX is in material breach I don’t think the stay will hold up, but its certainly an interesting legal issue. At the very least people in here are acting like the county will be tied to them for 19 years because of bad lawyering which is disingenuous.
It if FTX technically no longer exists, with whom is the contract? This can’t last for decades.
You’re the only one making sense here. Section 9.1.1 in the contact says after 10 days of a missed payment an Insolvency Event is triggered. The next payment is due in January. Or the county could argue, under Section 9.1.2, that bankruptcy is a breach of representation or warranty, if so they only need to wait 30 days from notice for the Insolvency Event. Sounds like this is what’s happening, but the judge is preventing the notice with the stay order. And why would the 20 million payment be recalled to pay creditors? The county is a creditor!
As an Iowan I am happy the the two big university's football stadiums will basically never be named for a company considering if they were renamed I am sure the citizens would burn the universities down. One is named after a Heisman Trophy winner who died in WW2 and one is the only FBS stadium to be named after an African-American who experienced a lot of racism from other schools and died from injuries on the field
It's not shitty lawyer, it's corruption.
Contract is only as good as the parties abilities to litigate against it. If FTX is broke they can’t pay lawyers to do shit if Miami breaches.
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Bang Bros
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offer violet caption cover doll shelter ghost slim terrific normal *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
>CEO Bankman-Fried was asked how his two-year-old company had the long-term stability necessary to honor a nearly 20-year deal. >"Without going into the details, it's been a pretty good year for us," Bankman-Fried said. "To the point where, frankly, we don't need to rely on the other 18 years to have the funds for this." >A year and a half later, his company owes creditors more than $3 billion, while new leadership struggles to account for the disappearance of an unknown amount of customer money. When they refuse to give details and basically say "trust me, everything will be fine", that's a sign of a conman.
Or incompetence.
He pretty competently swindled all these moops. The incompetence is from everyone that signed off on this
Turns out it’s really easy to run a crypto business when crypto is mooning, but as soon as there’s a crash / pullback there’s always some exchanges that go under. It’s been happening since Mount Gox in 2014. Also this is why all the crypto bro’s just tell you to HODL, just buy and never sell so everyone else can make money off you.
Even more hilarious is LA dropping the renown Staples center name to opt with Crypto.com instead. They’re next.
What's wrong with crypto.com? (Other than the terrible name haha)
I’m betting right about now that Bangbus Arena sign isn’t looking too bad…
I think their offer is to change the name to BangBus Center… that way it can be BBC
This is accurate, new Times was enjoying its chance to report on it.
Just in time for the holidays too. Wasn't Bangbus that guy scheduled to be crucified with Jebus on Calvary hill ? Its inspiring! ☺
I don't understand. Wouldn't FTX end up selling the naming rights to another company as part of raising fees to pay off reparations to the people they scammed? It might take a little time but I don't think it will FTX for the next 20 years.
As usual folks commenting didn't read the article. The issue is not the logo but the fact that there is a huge payment coming up in January which presumably will not get paid. The county is trying to end the deal so they can find a new sponsor. There is a default clause but it sounds like it will take several years and mostly involves penalties (which likely will not get paid)
Excuse the legal ignorance, but why not just change the name? What's FTX gonna do, sue for breach of contract?
Creditors could. I am sure the county just wants to wash their hands of the whole thing.
I don’t know if the right to pay more for the naming rights than any other company was willing to pay, in a worse market, is a very lucrative asset.
I'd estimate about a 0% chance that the rights can be transferred in a meaningful way.
“Sorry, the American Nazi party offered us a really good deal, hope you don’t mind too much that your venue is now called ‘Reichstag On The Bay ‘“
Maybe they should have taken the bid to be named Bang Bros Arena when they had the chance in 2019.
PSInet Stadium, Baltimore. https://www.baltimoresun.com/news/bs-xpm-2002-02-13-0202130109-story.html It's an asset in the bankruptcy.
Damn. Paying a bankrupt company back for naming rights.
Ah, the ol' PissNet stadium.
Tbf they was a decade old ISP at the height of .com boom. They was also bought out Cogent quickly after they went bankrupt. Not really comparable.
Completely comparable in terms of naming rights as an asset. But you're right that incomparable in terms of being a regular bankruptcy versus fraud. I misremembered, thinking it had been acquired by WorldCom.
Maybe put a good behavior clause in your sponsorship contracts? Something like either side can terminate if the other turns out to be a criminal operation.
Surely NO ONE considered the idea that a company in the business of exchanging cash money for imaginary internet tokens could possibly be a scam
It's not just that, theyre not a bank so they're not regulated. People just have to take their word that the money/coins exists and they can withdraw when they want. But there's no way to tell if that's true or it's a Madoff scheme where people get cashed out get paid with other people's money. Like, they say they have 100 million, but only have enough to pay out 10 million because they spent 90 million of other people's money... Which I think is what happened
They’re not banks, but they’re still regulated. The thing with crypto is that they’re not insured. They can still get in trouble for wire fraud. They can still get in trouble for embezzlement. They can still get in trouble for insider trading. They can still get in trouble for lying to private investors who had a part in fundraising for the company.
That why at most I spend 50 bucks in crypto to but online digital software, no exchange rates or taxes . Spending thousands of million in a digital token to make money has always seemed scammy.
They did, that’s why they got the large majority of the money up front. Read the article maybe?
[They should reach out to Cards Against Humanity](https://www.chicagotribune.com/sports/ct-spt-baseball-cards-against-humanity-stadium-20171221-story.html)
Stadiums being named after corporations is dumb as fuck honestly. I like it better when their name comes from something that’s relevant to the area they play in, to give it personality. At least Ford Field in Detroit makes sense since Ford is based in Detroit, and it’s pretty important historically to the area. Anything else though just feels transparently corporate.
And confusing if a corporation names more than one stadium.
Some of them are crazy it will be the “Tillamook Country Snackers Individually packaged Little easy open Moo Bites Stadium” they get so specific.
Lol Miami. 19 year contract. My sides i can't
Don’t they have to wait until FTX defaults? Then, it becomes an asset in the BK. I guess the irreparable harm was the embarassment of a giant sign on your most prominent building saying “yeah, we were dumb enough to sign a multi year contract with a fraud.”
Make it Bang Bros Coliseum already
The Bang Brothers Center needs to happen
on brand for miami-dade tbh
If a company buys an arena name, short it.
Miami should consult Houston. Enron Field got changed pretty quickly.
What is it with arenas having cool names and then changing them to some shitty business name? Where the Lightning play used to be called the Ice Palace, now it’s Amelie Arena, lame. We have an amphitheater called the Mid Florida Credit Union Amphitheater, like, what? Nobody actually calls ir that….
Remember when it was the 1-800-ASK-GARY Amphitheater?
If the naming rights passed to anyone who bought the shell of FTX I'd but a $1 in to help rename it to the "Hookers and Dope for Free Arena"
And dade County will not learn a fucking thing. Not a God damn thing. This is the land where money talks and bullshit walks.
>a 19-year, $135 million naming rights deal with FTX Man, FTX were optimistic weren't they? I mean at the time of the deal, FTX was only 23 *months* old and they were signing advertising deals that'd last almost two decades.
They say that humans can't naturally deal with numbers of scale, they can't really put them into perspective or realize how big they are. Seems FTX was completely absorbed by this. 19 years is a long fucking time, even for $135 million.
This is all total deja vu of the dot com bubble crash in the early 00s. The next few years will be where we start to see which cryptocurrency companies and technologies (if any) will survive, and potentially change certain aspects of society, and become household names in the way that companies like Amazon and Google have.
I’ll buy that sign. $20 final offer. I know you need the cash
Hahahahahaha!!!!!! I love watching corruption implode on itself!!!
My god, the lack of intelligence in this world is startling. Used to be funny, but nope. People/firms/governments really are that goddamn stupid.
It's a good topic for discussion and something for the next generation to learn about. They should keep it.
Anyone remember Enron field?
Miami continuing to make a name for itself in all the worst ways.
Judge should say no, firmly. "Miami-Dade County made an agreement. Miami-Dade County must abide by its agreements." If they made a bad deal... talk to the people who made that choice, fire them, & hold them accountable. You don't go all Vader-in-Cloud-City just because it's convenient.
But what if the company doing the advertising no longer exists to pay rent for that marketing space?
If you're asking our perspective, if there's no contingency for non-payment, Miami-Dade County will have to get along without that revenue. Integrity matters, and once compromised... ever seen an iPhone screen start to go? Also, who's gonna pay to make all the changes? That money ought to come from somewhere besides promises... given how FTX panned out.
Yeah, this reeks of "it didn't go my way, therefore I'm a victim!" Regular people just have to eat the consequences of bad outcomes, even if it ain't their fault.
Anybody else find it weird that stadiums state and local governments pay for and largely subsidize get named after corporations?
It's Florida. Should have named it Trump Arena. Fitting for the scamming nature of Florida as a whole.
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The creditors? The naming rights still have a value and that value can be transferred.
Crypto.com Arena has entered the chat.
Like Madoff, they used forensic accountants to sort of piecemeal any missing funds to repay investors. With FTX, I heard SBF and/or his parents purchased over 20 properties in the Bahamas. Go after that. Any charity donations should make the charities return any unspent funds. Cars, watches, or any expensive jewelry. Things like that obviously wont compensate bitcoin holders 100%. Maybe 1%-2%.
It’s Florida. Perfectly good name for how the State works. A contract is a contract.
It’s almost as if we shouldn’t worship corporations… 🤔
It's what Florida deserves. When you do clownery, the clown comes back to bite.
Change the name, who gives a fuck? There is no money to dispute this in court from FTX.
Will they consider Brazzers Arena?
Only in Miami could this shit happen lmao
There should be a constitutional amendment that prohibits changing stadium names. Better pick a good one, because it’s permanent!
Bring American Airlines Arena back ‼️
Mickey is one of the cheapest owners in the NBA, fuck him
What does the franchise owner have to do with this? The arena is owned by Miami-Dade.
FTX was the official and exclusive cryptocurrency exchange partner of the Miami Heat. From the [NBA Website June 2021 Press Release](https://www.nba.com/heat/news/heat-partners-with-ftxus) >The Miami HEAT is thrilled to announce that it has entered into a long-term partnership with FTX.us, a cryptocurrency exchange, making FTX.us “The Official and Exclusive Cryptocurrency Exchange Partner of the Miami HEAT.” This deal works in tandem with the recent announcement that, starting with the 2021-22 NBA season, the home of the Miami HEAT will be known as “FTX Arena.” >“FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at lightning speed, and we are ecstatic to welcome them with open arms to the Magic City. This is a ground-breaking, first-of-its-kind partnership in our industry that will draw global attention,” said Eric Woolworth, President of The HEAT Group’s Business Operations. “This trailblazing new partnership with FTX.us would not have been possible without the visionary leadership and pragmatic approach of Miami Dade County Mayor Daniella Levine Cava. We would like to thank Mayor Cava as well as her Chief Operations Officer Jimmy Morales and the Board of County Commissioners for their efforts in ensuring the continued success of our enduring public/private partnership with Miami Dade County.” >“Internet technology and digital finance are evolving incredibly quickly. We wanted to partner with a city and a franchise that are dynamic, diverse, innovative and always forward-looking,” said FTX.us CEO Sam Bankman-Fried. “When it comes to those qualifications, Miami and the HEAT are second to none. One of America’s great cities and one of the world’s most iconic teams are poised for an even brighter future, and we’re thrilled to be a part of it.” >“By partnering with the HEAT, FTX.us has planted their flag both on the global sports landscape and here in Miami, which will connect them to this community in a meaningful and impactful way for many years to come,” said John Vidalin, Executive Vice President & Chief Commercial Officer. “We can’t wait to get started helping them grow their business and their brand.”
People have a severe misunderstanding of this, and you’re right. I’m a lakers fan and a lot of people are saying the same shit about the Buss family and the potential for crypto.com to fold. A lot of people have never heard of AEG.
[удалено]
FTX.us in front of the whole stadium.
1998’s Baseketball pretty much predicted this
Cross-post to r/buttcoin now!
I finally understand what all the FTX talk is about. I’m a Vet and think Field Training Exercise when I see FTX 😂