Miami Heat unveil new arena name after removing FTX reference
The NBA franchise has reached a naming rights deal with an IT firm
FTX founder Sam Bankman-Fried arrives in federal court
Disgraced FTX founder Sam Bankman-Fried now faces 13 charges related to the collapse of his cryptocurrency empire. He has pleaded not guilty to all counts.
The Miami Heat’s home, previously known as FTX Arena, has a new name.
In an announcement Tuesday, the NBA franchise said the Miami, Florida, sports arena will be known as Kaseya Center as part of a new naming rights deal with IT and security management software firm Kaseya. The partnership is worth $117 million over 17 years, according to a resolution passed by Miami-Dade County’s board of commissioners.
"The collapse of our previous partner caught everyone by surprise, but, in conjunction with Miami-Dade County, we worked efficiently and incredibly quickly to fill our naming rights vacancy with Kaseya, a local, dynamic and growing company creating job opportunities for South Floridians," Business Operations President Eric Wollworth of the Heat Group said.
Signage for the FTX Arena, where the Miami Heat play, is illuminated Nov. 12, 2022, in Miami. (AP Photo/Marta Lavandier, File / AP Newsroom)
Just under three months ago, the Miami Heat and Miami-Dade County ended the naming rights partnership they had with cryptocurrency exchange FTX.
The Heat and county ended the deal in federal court in November due to FTX’s bankruptcy and began seeking a new sponsor.
GISELE BUNDCHEN SAYS SHE WAS ‘BLINDSIDED’ BY FTX COLLAPSE
The arena, owned by the county, became known as FTX Arena, in 2021 as part of a 19-year, $135 million agreement with the cryptocurrency exchange.
An FTX logo and a representation of cryptocurrencies seen through broken glass in this Dec. 13, 2022, illustration. (Reuters / Reuters Photos)
The logo of FTX on a flag at the entrance of the FTX Arena in Miami, Fla., Nov. 12, 2022. (Reuters/Marco Bello/File Photo / Reuters Photos)
FTX imploded in late 2022, and the cryptocurrency exchange filed for Chapter 11 bankruptcy.
After the firm's collapse, founder and former CEO Sam Bankman-Fried was slapped with 13 criminal charges. He has entered a not guilty plea.
SAM BANKMAN-FRIED PLEADS NOT GUILTY TO ADDITIONAL FEDERAL CHARGES
On Tuesday, Miami-Dade County Mayor Daniella Levine Cava called the new naming rights deal with Kaseya the first done with a local company since the arena opened. Miami-based Kaseya has also become the "official IT solutions partner" of the Heat.
The Heat's arena is 20 years old.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The arena has also hosted concerts, conferences and other sporting events over the years.