Miami-Dade county owns the Miami Heat's homecourt arena and manages it for the team.
The county signed a $113 million deal with cryptocurrency firm FTX, renting the naming rights to the organization.
This multimillion dollar deal gave FTX the naming rights of the Arena for a term of 19 years, changing the name of the arena to FTX Arena.
FTX paid $14 million upfront for this name change and was scheduled to pay another $5.5 million in January.
However, the cryptocurrency firm filed for bankruptcy following their $1 billion missing funds.
In response to this, Miami Heat and the county made a joint statement on the case and cut ties with FTX.
They said: "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. We will be working together to find a new naming rights partner for the arena."