"The Arena": Miami Heat unveil new arena name after agreement with FTX gets terminated

Early Wednesday afternoon, news broke that the Miami Heat had come to an agreement on a buyout with FTX. The Crypto Exchange company had the naming rights to their stadium for roughly two years, but recently went bankrupt.

Following the court decision, the Heat said they were going to change their name immeditaley. In less than 24 hours, they've already managed to take down the massive sign outfront the arena.

With FTX no long associtated with the stadium, the organization also unvieled the name. For the time being, it will just be called "The Arena."

With their deal with FTX officially terminated, the Miami Heat can now begin talks with other potential buyers on a naming rights deal.