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Miami Heat Rename Arena to the Kaseya Center After FTX Collapse

Submitted by ckanon@abi.org on
The FTX debacle in Miami is over, well, at least as far as it concerns the Heat’s arena, Yahoo! News reported. The Miami-Dade County commissioners voted to approve a 17-year deal to rename the Heat's arena the Kaseya Center in a deal worth $117.37 million. The Heat will make $2 million annually on the deal, with most of the rest going to the county. The Heat struck a massive deal with FTX to name the venue FTX Arena in 2021, which replaced American Airlines as the title sponsor. Late last year, after the cryptocurrency company collapsed and filed for bankruptcy, the team and county cut ties with FTX and removed the name from the building. The arena has gone as “Miami-Dade Arena” for much of the Heat’s season. Kaseya is a Miami-based software and IT company. It will become the team’s official IT solutions partner in a separate deal. The Heat were the second NBA team to partner with a cryptocurrency company in recent years. The Lakers and Clippers' arena in downtown Los Angeles was renamed from the Staples Center to Crypto.com Arena in 2021 in a $700 million deal.