Though it feels more fit for a comedy sketch than real life, the prospect of a BangBros Center is not that far-fetched in Miami following the downfall and bankruptcy of FTX CEO Sam Bankman-Fried's cryptocurrency empire. On Friday, Miami-Dade County and the Miami Heat swiftly pulled out (pun intended) of their partnership with FTX, the erstwhile namesake of the downtown arena owned by the county.
In typical Miami fashion, the unfolding saga has grown more absurd by the day.
On November 12, popular porn site BangBros announced that it would be re-submitting a $10 million offer for the naming rights to the arena after its 2019 offer to rename it "Bang Bros Center (BBC)" failed to materialize. (A company spokesperson recently told New Times they hope the county "seriously" reconsiders their offer in light of recent events).
Joining the growing chorus of erotic bids for the arena's naming rights, the owner of Booby Trap South Florida confirmed to New Times that they too have made an offer with Miami-Dade County to stick their name on the arena that sits along Biscayne Bay.
Owner Gregg Berger wrote via Instagram DM that Booby Trap, which owns a handful of strip clubs across Miami and Pompano Beach, made a $5 million offer to rename the venue "Booby Trap Arena."
"We are a staple in Miami," he wrote, "and we think the fans would be behind the idea."
It remains to be seen whether the county is aroused by either offer. News of the strip club's bid was first reported on November 16 by the blog SportsGossip.com.
Previously known as American Airlines Arena, the facility was renamed FTX Arena in June 2021 per a 19-year, $135-million sponsorship agreement between the Bahamas-based crypto exchange company and Miami-Dade County.
In a joint statement released on November 11, county mayor Daniella Levine Cava and the Miami Heat called the news regarding FTX's collapse “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," the statement reads.
The naming rights contract between the county and FTX includes penalties of $16.5 million – plus the costs to remove the signage and decorations – in the event the company is unable to fulfill the contract.
The $32 billion empire known as FTX was launched in 2017 by Bankman-Fried, a 30 year old who has been called a “modern-day J.P. Morgan.” Before its collapse, the outfit had grown into the third-largest crypto exchange in the world by volume.
