Business

FTX deal looked too good to miss; it was too good to be true

When Sam Bankman-Fried’s net worth fell from $16 billion to zero in seven days as his cryptocurrency exchange FTX went bankrupt Friday, taking with it all value of FTX’s sponsorship of the county’s Miami Heat arena, we got lessons that should have been obvious but weren’t heeded.

First, don’t gamble on sponsorships to fill government coffers.
Second, whenever we name a public property for a living person or organization, we are taking a big risk.

Third, going after the riches of the glittering new fin-tech economy is a lot like mining for gold: you must beware of the fool’s gold around the mine.

Fourth, if you can’t understand how a company you’re dealing with works and be sure of its soundness, you may be entering into the modern equivalent of a Ponzi scheme.

Fifth, if financial returns in anything look too good to be true, that may well be the case.
Of course, it’s easier to point out the pitfalls after we have fallen into the pit. But the signs were there beforehand if anyone wanted to see them – which too few of us did.

If you were on Mars last week, you may have missed the catastrophic collapse of three-year-old FTX and its 30-year-old founder Mr. Bankman-Fried, leading to a move to bankruptcy in fewer than seven days, with investors in the exchange unable to recoup their billions in funds.
I can’t explain to you simply what happened or why, showing that dealing with FTX in the first place never met Rule Four: if you can’t understand it, don’t get involved. Yet clearly, in its less than three years of existence FTX’s value on paper rose to $32 billion by January. By last weekend, it was zero. If you were among those caught, I am sincerely sorry.

For years the county had been trying to market the naming rights to the arena on Biscayne Boulevard after American Airlines decided to depart from its 20-year $42 million naming deal, which it eventually did in December 2021. The county had decided that it would retain the rights by paying the Heat ownership $2 million a year and sell the name itself for more, pocketing the difference.

The county listened to the Superlative Group of Cleveland, which said it could get far more money by marketing the name than the Heat was paying, an estimated $6 million or more a year. The county would pay Superlative 5% of the deal. But after two years of hunting, Superlative had no takers.

Then along came FTX flashing a $135 million offer for 10 years. They couldn’t resist the bait.
It wasn’t a bad payment amount if FTX paid, and it did pay the first $20 million. With bankruptcy, that’s all it will pay. At $2 million a year that would just pay the Miami Heat, leaving the county nothing.

County commissioners got a warning before they voted: “We of course recognize that there is risk in this deal,” Chief Operations Officer Jimmy Morales reportedly told them, “particularly with a relatively new company in a relatively new industry.” But they gambled on the big payout they will not get.

By naming the arena for FTX the commission also insured that no matter what happens in the bankruptcy case the FTX brand will be staying prominently on the arena as an unpaid ad for a defunct company. The county doesn’t plan to take the name down until a new sponsor is named.

It is probably better than having to say that the Miami Heat plays in No Name Arena, but leaving that name up is going to leave a very bad taste in the mouths of investors who also gambled on FTX and lost their money. Is that also worth it?.

Selling that arena name for enough to pay $2 million a year to the Miami Heat plus 5% to Superlative Group and still leave the county able to fund the millions it had planned each year from the sponsorship to deal with youths at risk is going to be difficult.

It was Superlative, after all, that advised the county in 2008 that it could get millions in naming rights payments each year for its South Miami-Dade Cultural Arts Center. This year the county finally gave away those rights for nothing, naming the center for former county commissioner Dennis Moss and violating our dictum that naming a public site for a living person is fraught with risk. Think about all those streets here we have named for living persons and been embarrassed by, and later had to remove several of the signs for real or perceived misdeeds.

With FTX, the county didn’t have to give away the arena name. It decided that a Hong Kong company that then was less than two years old would be the perfect name buyer. Since then, the company moved twice, first to the Bahamas and last week to oblivion.

The county had been told before that it could get revenues for sponsorships. Another advisory firm said in 2009 that the county could get up to $48,000 per year for allowing companies to put their names on the various Metromover stations. Thirteen years later, no sales – fortunately.

Perhaps most embarrassed by the FTX scandal will be not Miami-Dade’s county hall but Major League Baseball: as more than $400 million in “unauthorized.

transactions” at FTX are being investigated, in the irony of another sponsorship deal gone awry the company’s name is emblazoned on the uniform of each umpire, the men who insure baseball’s on-field integrity.
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Business

Exceptional Philanthropy: Tural Aliyev Generosity Transforms Lives in Northern Cyprus

Tural Aliyev, an extraordinary entrepreneur whose journey of success is only matched by his dedication to giving back to the community. Starting from humble beginnings in large corporations, Tural’s commitment to helping others remained unwavering as he ventured into the realms of real estate and car gallery businesses. His achievements not only showcase financial prosperity but also the profound impact one can make when driven by genuine altruism.

Tural’s real estate business in Northern Cyprus, Sun Republic, has become a trailblazer in the industry.

With an unparalleled understanding of the market and a relentless pursuit of excellence, Tural has brought forth architectural marvels that redefine the skyline. Luxurious residential complexes and awe-inspiring commercial spaces stand testament to his commitment to quality and innovation. Notably, Tural’s emphasis on sustainability sets him apart, as his projects incorporate eco-friendly technologies, showcasing his dedication to preserving the environment.

Beyond his business accomplishments, Tural’s philanthropic endeavors have left an indelible mark on countless lives. Through substantial donations and unwavering support, he has sponsored educational programs, funded scholarships, and actively championed charitable causes, embodying a deep sense of corporate social responsibility.

«In the dynamic real estate market of Northern Cyprus, Sun Republic has emerged as a leading company, delivering exceptional results and garnering a reputation for excellence,» Tural remarks. Through meticulous market analysis and personalized solutions, Sun Republic has become a trusted partner for investors from various countries. The company’s dedication to client satisfaction and transparency has fostered long-lasting relationships built on trust and reliability.

Tural Aliyev’s vision for the future encompasses creating vibrant communities where homes are sanctuaries promoting happiness and harmonious living. His commitment to sustainability and economic growth has positioned him as a visionary leader in the real estate and car dealership industries in Northern Cyprus.

In line with his vision, Tural can be found on Instagram @aliyev, sharing his journey and philanthropic initiatives. For more information about Sun Republic and its exceptional services, visit sunrepublic.vip.

With a heart that beats for the betterment of society and a visionary mind that shapes the future, Tural Aliyev continues to leave an inspiring legacy of excellence and positive impact in Northern Cyprus.

Business

Entrepreneur Adnan Ashraf Partners with Crypto Crowdfunding Platform to Expand Nine Restaurant Brand Globally

Adnan Ashraf, a multifaceted entrepreneur with interests spanning pharmaceuticals, technology, and real estate, is embarking on an exciting new venture to expand the renowned Nine restaurant brand into a global franchise. With its reputation for upscale Japanese cuisine and stunning panoramic views, Nine has captured the attention of discerning diners worldwide, and Mr. Ashraf aims to bring this exceptional dining experience to numerous locations across the globe.

To realize his ambitious expansion plans, Mr. Ashraf has engaged in discussions with a pioneering crypto crowdfunding platform, forging a strategic partnership for a joint venture involving 100 stores with an estimated investment of $120 million. Harnessing the power of cryptocurrency, Mr. Ashraf intends to expedite the growth of the Nine franchise and achieve his objectives more efficiently.

The first milestone in this expansion journey involves acquiring a prime waterfront location in Canary Wharf, a prestigious business district in London. Serving as the flagship Nine restaurant, this iconic setting will exemplify the brand’s exquisite cuisine and offer guests unparalleled views. Mr. Ashraf’s vision extends beyond this initial location, as he plans to continue expanding into other prime spots in London and beyond, introducing the Nine dining experience to cosmopolitan cities worldwide.

By partnering with a cryptocurrency crowdfunding platform, Mr. Ashraf aims to tap into the immense potential of this innovative funding mechanism. Cryptocurrency not only streamlines the investment process but also attracts a global community of investors passionate about supporting groundbreaking ventures in the hospitality industry. This collaboration is expected to fuel the rapid expansion of the Nine franchise, ensuring that more diners can savor its exceptional culinary offerings and immerse themselves in the extraordinary ambiance that defines the brand.

Drawing on his extensive entrepreneurial experience, Adnan Ashraf brings a wealth of expertise to this venture. His track record of success across various sectors attests to his ability to navigate complex business landscapes and identify unique opportunities for growth. With his diverse business interests and unwavering commitment to excellence, Mr. Ashraf is poised to spearhead the global expansion of the Nine restaurant brand, establishing a network of exceptional dining establishments worldwide.

Business

Alexey Ivanov Alliance Rental: Redefining Luxury Travel Experiences

Alliance Trucks, the leading Japanese and Korean car dealer in Russia, is proud to announce the launch of its new luxury transport rental aggregator, Alliance Rental. The project is the brainchild of Alexey Ivanov, the CEO and owner of Alliance Trucks, a successful businessman, traveler, and blogger. With over 59 countries visited, Alexey Ivanov has gained valuable experience in the automotive industry, which he has leveraged to create Alliance Trucks, a company that generates a trade revenue of $50 million annually.

Founded in 2014, Alliance Trucks has become the biggest Japanese and Korean car dealer in Russia, with four authorized and certified workshops, warehouses in the capital, and numerous certificates of first dealer with top-rated sales and service quality. The company’s mechanic team has won different national and international competitions of professional skills, including the ISUZU GRAN PRIX, where they were the first Russian and second in the world.

Alexey Ivanov’s awareness and commitment to 10 corporate rules have enabled Alliance Trucks to achieve its current status as a respected and reputable brand in the automotive industry. The rules include prioritizing emotional intelligence, respecting corporate culture and business ethics, seeking opportunities for growth in every crisis, and being socially active and engaged in charitable projects.

Alliance Parts, Alexey Ivanov’s latest venture, is a cars and spare parts distribution business in the United Arab Emirates with a global partnership with different car brands. The company leverages Alexey’s life and professional experience to scale similar projects in different market areas.

Alliance Rental is Alexey Ivanov’s latest project, an aggregator that offers a one-stop-shop for luxury transport rentals. The project’s main idea is to provide all the luxury transport rentals that customers may need for emotional holidays, celebrations, dream realization, business meetings, or just for premium lifestyle in one mobile application.

The application, marketing brand, and all business processes are complete, and legal compliance with local laws, rules, and regulations is under process.

Alliance Rental offers taxi Rolls-Royce, luxury sport cars, yachts, helicopters, and aircraft rentals. Partnerships with operators of luxury services are currently being signed, and the project is ready to launch soon.

Alexey Ivanov’s mission is to make the world a better and cleaner place, live a long, bright, and memorable life, create a family, raise children, create and invent something that deeply touches the feelings of people, be a mentor, teach knowledge, and leave a significant mark in history, society, and culture.

For more information on Alliance Rental and Alexey Ivanov, follow him on Instagram at @a.a.ivanov