Miami Heat Are Finally Distancing Themselves From ‘FTX’ After Officially Re-Naming Arena

Videos by OutKick

The Miami Heat are finally separating themselves from the colossal collapse that was FTX.

After briefly renaming their home venue “Miami-Dade Arena” after FTX went bankrupt, the venue will officially be renamed Kaseya Center after reaching a deal, reported the Associated Press.

FTX Arena will be renamed Kaseya Center, a Miami Heat representative noted on Tuesday. The arena agreed to a 17-year, $117.37 million deal with the county (which owns the Heat’s venue) to acquire the naming rights.

As reported by the Associated Press, the Heat will receive “$2 million annually as part of the deal.” The Miami-based software company will replace FTX, effective immediately.

(Photo by Megan Briggs/Getty Images)

“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,” Heat exec Eric Woolworth said.

In June 2021, the Heat agreed to a 19-year, $135 million rights agreement with FTX, the failed cryptocurrency business, only to watch the crypto kingdom crumble by Nov. 2022 when the company filed for bankruptcy.

It was a “good riddance” deal for the Heat as they aimed to distance themselves from mega Democrat donor Sam Bankman-Fried’s fraudulent deeds.

The FTX founder was arrested in the Bahamas on Dec. 12, 2022, and charged with five counts related to wire conspiracy.

SBF’s Ponzi scheme resulted in over $51 billion in collateral losses for FTX’s investors.

(Photo by Eric Espada/Getty Images)

Follow Alejandro Avila on Twitter: @AlejandroAveela
Check us out on TikTok

Written by Alejandro Avila

Alejandro Avila lives in Southern California and previously covered news for the LA Football Network. Jeopardy expert and grumpy sports fan that has watched every movie.

Leave a Reply