Miami Heat Are Finally Distancing Themselves From 'FTX' After Officially Re-Naming Arena

The Miami Heat are finally separating themselves from the colossal collapse that was FTX.

After briefly renaming their home venue "Miami-Dade Arena" after FTX went bankrupt, the venue will officially be renamed Kaseya Center after reaching a deal, reported the Associated Press.

FTX Arena will be renamed Kaseya Center, a Miami Heat representative noted on Tuesday. The arena agreed to a 17-year, $117.37 million deal with the county (which owns the Heat's venue) to acquire the naming rights.

As reported by the Associated Press, the Heat will receive "$2 million annually as part of the deal." The Miami-based software company will replace FTX, effective immediately.

“The collapse of our previous partner caught everyone by surprise but, in conjunction with Miami-Dade County, we worked efficiently and incredibly quickly to fill our naming rights vacancy with Kaseya,” Heat exec Eric Woolworth said.

In June 2021, the Heat agreed to a 19-year, $135 million rights agreement with FTX, the failed cryptocurrency business, only to watch the crypto kingdom crumble by Nov. 2022 when the company filed for bankruptcy.

It was a "good riddance" deal for the Heat as they aimed to distance themselves from mega Democrat donor Sam Bankman-Fried's fraudulent deeds.

The FTX founder was arrested in the Bahamas on Dec. 12, 2022, and charged with five counts related to wire conspiracy.

SBF's Ponzi scheme resulted in over $51 billion in collateral losses for FTX's investors.

(Photo by Eric Espada/Getty Images)