MIAMI – The sporting venue known as the Miami-Dade Arena — and, before the company’s massive collapse, the FTX Arena — now has a new name.
The Miami Heat announced Tuesday that the team has inked a sponsorship deal with Miami-based Kaseya, described in a news release as “a leading global software company.”
The deal will make Kaseya “the official IT solutions partner of the Miami Heat” — but, much more prominently, it gives the arena a new name: the “Kaseya Center.”
The company is spending a little more than $117 million over a 17-year term for naming rights, according to county documents.
“We are proud to close this deal with a locally based company for the first time in the history of the Arena,” Miami-Dade Mayor Daniella Levine Cava said in a statement. “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 company, pronounced “kuh-SAY-uh,” employs more than 900 workers in its Miami offices, according to a news release.
“We’re a homegrown business, we’re based here in Miami,” said Kaseya Executive VP Xavier Gonzalez. “We’re adding a significant amount of jobs here in Miami so the opportunity for us to become synonymous with Miami, and Miami synonymous with Kaseya, is really humbling.”
The stripping of FTX from the arena’s name came after the crypto company declared bankruptcy and its founder was arrested.
Commissioners unanimously approved the new naming rights deal, which is slated to add more than $83 million to the county’s anti-violence and anti-poverty programs.
Commissioner Keon Hardemon sponsored the resolution.
“We’ve secured, once again, a great deal of money to invest within our children and the future of our communities,” said Hardemon. “I think this is a wonderful day for Miami-Dade County and its residents”
The Heat and the NBA have given the deal their stamps of approval.
It’s not yet known when the new name will makes its way to the facade of the arena.
Naming rights deal:
This is a developing story. Stay with Local 10 News and Local10.com for updates.