The FTX debacle in Miami is over.
Well, at least when it comes to the Heat’s arena.
The Miami-Dade County commissioners voted to approve a 17-year deal to rename the Heat arena the Kaseya Center on Tuesday. The deal, according to The Associated Press, is worth $117.37 million over 17 years. The Heat will make $2 million annually on the deal, with most of the rest going to the county.
"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," Heat president of business operations Eric Wollworth said in a statement. "Kaseya is a perfect fit and we are incredibly proud to join forces with them. We are also gratified to play our part in keeping the County's 'Peace and Prosperity Plan' in place. This deal wouldn't have happened so swiftly but for the unprecedented teamwork and cooperation with Miami-Dade County."
The Heat first struck a massive deal with FTX to name the venue FTX Arena in 2021, which replaced American Airlines as the title sponsor. But late last year, after the cryptocurrency company collapsed and filed for bankruptcy, the team and the 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 also become the team’s official IT solutions partner in a separate deal.
"We are proud to close this deal with a locally based company for the first time in the history of the Arena," said Miami-Dade County Mayor Daniella Levine Cava. "Since Kaseya relocated its headquarters to Miami, it has demonstrated a real commitment to invest in our economy and our local talent by opening the door to the jobs of the future. This deal will not only allow us to continue investing in critical crime prevention programs, it will also strengthen our brand as a global, diverse and future-ready community."
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.