American Airlines is no longer vying for naming rights to the Miami Heat’s home arena, Miami-Dade deputy major Ed Marquez has revealed.

The airline has been the venue’s sponsor since it opened in 1999 but Marquez has said it is “not in the mix” for a new naming rights deal, after opting not to pursue a renewal when its current agreement expires at the end of the year.

The county sold the naming rights in a 20-year deal with American Airlines for US$42 million back in 1997. Though it will no longer lend its name to that arena, the brand will continue to hold the naming rights for the American Airlines Center, home to another National Basketball Association (NBA) franchise, the Dallas Mavericks. That agreement reportedly runs until 2031 and is worth US$6.5 million per year.

The searching for a new sponsor is already underway, with Marquez stating that one “nationally renowned company” is in advanced talks.

“They’ve toured the site and are in discussions with the Heat,” he told Miami Today.

Myles Gallagher, president of the Superlative Group, the agency Miami-Dade hired to secure a new contract, said the county can expect a much more lucrative deal this time.

“Conservatively, it’s worth at least US$6 million a year,” he said.

The Heat will be hoping for a bumper contract after seeing fellow NBA teams secure large naming rights contracts in recent years. The Golden State Warriors signed a 20-year, US$300 million naming rights partnership with JP Morgan Chase in 2016. Last year, the Atlanta Hawks penned a US$175 million 20-year deal with State Farm despite having one of the lowest average attendances in the NBA.