Miami-Dade Commission approves deal to rename downtown arena Kaseya Center
MIAMI - So, what's in a name? A lot, if we're talking about the naming rights for the home of the Miami Heat in downtown Miami.
On Tuesday, the Miami-Dade Board of County Commissioners approved a naming rights agreement with Kaseya US LLC. The deal involves $117,370,000 in payments to the county over a 17-year term.
So the former FTX Arena is now the Kaseya Center.
Kaseya US LLC. Kaseya is a global software company with 48,000 customers worldwide. Their Miami headquarters has over 900 employees.
The company went through a massive vetting process of its financials in an effort to avoid what happened with FTX.
"I learned that some companies do bad things. This isn't cryptocurrency, this is a business, just like FTX was supposed to have been but unfortunately that business committed crimes, and sometimes businesses do that, however, we don't expect this company to commit a crime," said Commissioner Keyon Hardemon.
The county will receive net revenues totaling $83,275,000 over the term of the agreement. The funds will be deposited in the Anti-gun Violence and Prosperity Initiatives Trust Fund (Trust Fund). The net revenue amount is $3.546 million more than the previous FTX deal.