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FTX Collapse Leads to New Sponsor at Miami Heat’s Arena

Miami-Dade County chose a local software company for the naming rights

The short-lived FTX Arena will now be known as Kaseya Center after the Miami-based software company purchased the naming rights to the county-owned arena for $117 million. The venue is home to the Miami Heat and hosts numerous concerts and entertainment events throughout the year.

After removing the FTX name following the collapse of the cryptocurrency exchange platform late last year, it had been known as Miami-Dade Arena, but the 17-year agreement with Kaseya Ltd. once again led to a change.

In 2021, FTX agreed to pay $135 million over 19 years to Miami-Dade County, a deal that ended after a federal bankruptcy judge approved the contract’s termination. Before the FTX name change, the center was initially called American Airlines Arena when it opened in 1999.

“We are proud to close this deal with a locally based company for the first time in the history of the arena,” Miami-Dade County Mayor Daniella Levine Cava says in a statement.

Miami-Dade County worked with the Miami Heat to find new sponsorship deals, which included negotiations with five companies, according to the county. Starting in July, the team will receive $2 million annually from the Kaseya sponsorship.

“We were obviously as surprised as anybody else about what happened with FTX,” Eric Woolworth says, president of Business Operations for the Miami Heat. “It caught us completely off guard, but we were able to move really quickly.”

Kaseya is based out of the Bank of America Financial Center at 701 Brickell Ave. The global software company with over 1,000 employees was founded in 2000 and specializes in developing security and IT management tools.

Photo credit: Rolando Yera

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.