Miami Heat changes arena name, drops FTX sponsorship

The Miami Heat’s home arena, formerly known as FTX Arena, has been renamed Kaseya Center following the collapse of the cryptocurrency exchange last November. Kaseya acquired the naming rights in a $117 million deal, which comes into immediate effect. The arena’s about-face from FTX comes after the exchange collapsed into bankruptcy following a liquidity crisis, leading prosecutors to allege that founder Sam Bankman-Fried and others at FTX misused customer accounts. Bankman-Fried is currently out of jail on a $250 million bond, awaiting trial under house arrest at his parents’ home in Palo Alto, California. The Miami Heat and Miami-Dade County ended their relationship with FTX and began searching for a new naming rights partner the day the cryptocurrency exchange filed for bankruptcy. The arena was renamed FTX Arena in 2021 after the company reportedly entered a $135 million, 19-year deal. Kaseya is headquartered in Miami and is the first local company to receive naming rights to the arena, according to the statement.