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Miami-Dade County received a US$117 million, 17-year deal to rename Miami Heat's arena as the Kaseya Center.
The Heat will receive $2 million annually as part of that deal.
The name change for the arena, which had been using the name Miami-Dade Arena in recent months, takes effect immediately.
The deal with software firm Kaseya includes in-arena signage, hospitality, digital promotion, and being the Heat’s official IT solutions partner.
The new deal brings in a smaller annual fee than the previous 19-year, US$135 million naming rights partnership with FTX, which was canceled when it filed for bankruptcy in November.
Miami-Dade County, which owns the arena, was set to receive US$90 million from that agreement.
According to Miami-Dade County mayor Daniella Levine Cava, the deal not only allow the country to continue investing in critical crime prevention programs, but also strengthens its brand as a global, diverse, and future-ready community.
