The home arena of the Miami Heat will now be officially named Kaseya Center, the franchise announced in a statement.
The naming rights came into fruition upon Miami-Dade County commissioners agreed to sign a 17-year deal with Kaseya, a software giant company based in South Beach.
This name change takes full effect immediately, as Kaseya will reportedly pay $117.3 million for 17 years of partnership, while the Heat will also gain $2MM annually throughout the contract span.
Heat’s home turf was formerly known as the FTX Arena. The collaboration was scrapped upon the combined efforts of the team and the county following the cryptocurrency exchange’s collapse and filing for bankruptcy.
Miami (42-37) sits in seventh place in the Eastern Conference and will play within the newly-named Kaseya Center this Sunday against the Orlando Magic.
