Miami-Dade county, which owns the arena where the Miami Heat play, wants a bankruptcy judge to let it end its $135 million contract with failed cryptocurrency company FTX so it can find a new sponsor.
on Nov. 11, a judge issued a"stay" order that prevents any entity from acting against the company, which includes Miami-Dade's desired termination of its sponsorship 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.
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