The Miami Heat will be hosting Game 3 of the NBA Finals tonight as the Denver Nuggets come to town. Both teams will be looking for a win to get the edge in the series as it’s all tied up at 1-1 after the first two games in Denver. With all eyes on the newly-named Kaseya Center in Miami, let’s dig in and explore the name change from FTX Arena to Kaseya Center that took place mid-season.
Kaseya is an IT and security management company with roughly 4,500 employees on the payroll. They operate out of 25 countries, although their headquarters are located in Miami. The Miami-Dade County mayor made the following statement when the naming rights deal was announced:
“We are proud to close this deal with a locally based company for the first time in the history of the arena,” she said. “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.”
Bahamas-based cryptocurrency exchange FTX was awarded the naming rights for the arena back in March of 2021 in a deal worth $135 million over 19 years. They were less than two years into the deal when FTX came under fire and quickly collapsed in November 2022, triggering Miami-Dade County and the Miami Heat to cut all ties with the company.
FTX’s collapse happened quickly over roughly a 10-day period and landed then-CEO Sam Bankman-Fried in some hot water, prompting his arrest in the Bahamas and his extradition to the United States. After Bankman-Fried stepped down as CEO, FTX filed for bankruptcy after effectively losing billions of dollars in their customers’ investments.
Following the fallout caused by FTX’s collapse, the arena was renamed Miami-Dade Arena briefly until the new naming rights deal was secured with Kaseya in April of this year. The agreement is reportedly worth roughly $117 million over 17 years.