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Miami Heat owner pays no rent for his arena

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 Miami Heat owner pays no rent for his arena
Unread 4 years agoclass of '06 - away - #1
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beantown 74 heat pts74 space
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The LeBron-ified Miami Heat are finally playing like juggernauts. And the team is profiting like one, too, from ticket and paraphernalia sales. In fact, the Micky Arison-owned wunderkinds expect to make more money this season than ever before.

Do you think that means they might actually pay rent on their shiny, county-owned, waterfront stadium?

Don't count on it.

In the ten-plus seasons the Heat has played in American Airlines Arena, a $213 million-venue sitting on $38 million of county land, the team hasn't shelled out a penny for its use. In fact, the county has paid $64 million in operating subsidies.

Back in 1997, owners of the Heat — which then played in the eight-year-old, publicly financed Miami Arena — threatened to move to Broward County unless they were given the bayside plot of land originally slated to become a public park. The Miami-Dade mayor at the time was Alex Penelas, who has a devastatingly pretty face and the business acumen of a Labrador retriever. After the county and team reached an agreement, Raul Masvidal, the consultant hired to represent Penelas in negotiations with billionaire Carnival Cruise owner Arison, told the New York Times: "We expect the county not only to come out even — we expect it to make money."

These days, Penelas has been ousted from politics, Masvidal faces felony grand theft charges for misuse of public funds, and taxpayers are a decade into a 30-year contract that may earn them no compensation for prized public land.

The agreement called for Basketball Properties, Ltd., the Miami Heat entity managing the stadium, to give 40 percent of annual arena profits above $14 million to the county. Those profits come from luxury box and concession sales, concert rentals, and naming rights ($2.1 million annually from American Airlines). Additionally, the county agreed to pay $6.4 million a year to maintain and operate the facility.

Although the arena's revenue nearly doubled from $25.6 million in 2001, after the Heat's first season there, to $45.4 million last year, the team has never declared more than $6 million in arena profit during a season.

Our access to the team was revoked in 1996 when a porcine caricature of Arison, along with the headline "Micky Arison is a Corporate Pig," graced our cover. So we'll suggest the oinker knows how to finesse the system. For instance, in 2009 and 2010, respectively, Basketball Properties advanced $7.9 and $6.4 million to the Miami Heat — transactions counted as financial losses on ledgers submitted to the county. In such a manner, it would seem the team can artificially deflate profits. The Heat Group didn't respond to our request for comment.

This season, the Heat expects to make a bank-bursting $59 million in arena revenue. But don't expect a rent check. "It was never a good deal," says former Miami-Dade Commissioner Katy Sorenson, who opposed the new arena in 1996. "There are certain politicians who just get stars in their eyes and don't really think about what the real cost is going to be."
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20 comments for "Miami Heat owner pays no rent for his arena"

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Unread 4 years agoclass of '06 - away - #2
Pito305 1 heat pts space
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somehow, someway, this is Lebron's fault.
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Unread 4 years agoclass of '06 - away - #3
beantown 74 heat pts74 space
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Pito305 said:
somehow, someway, this is Lebron's fault.
you prob didnt read one word of the article and already defending Lebron

bandwagon heat fans at their finest
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Unread 4 years agoclass of '06 - away - #4
Pito305 1 heat pts space
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beantown said:
you prob didnt read one word of the article and already defending Lebron

bandwagon heat fans at their finest
it was a joke you stupid f**k.

i live down here and actually read that article in the Miami New times.
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Unread 4 years agoclass of '04 - away - #5
madness 6 heat pts space
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the rich get richer. mickey won.

alex penelas was an idiot tho, that hispanic vote is something else i tell ya
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Unread 4 years agoclass of '05 - away - #6
MATIX  space
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yikes.
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Unread 4 years agoclass of '06 - away - #7
beantown 74 heat pts74 space
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I think the comic who drew this caricature has some serious talent

In all seriousness though, Heat fans are always on the defensive since but if the Celtics owner was raping the local economy and not paying what he should be paying I'd be pissed Especially now that LeHype is in Miami, they should have to re-draw that whole plan due to the fact that they'll actually be drawing people to games.

It's not about basketball at this point, it's about some fat f**k billionaire who, as usual in the US, is getting more than his fair share while the little guy has to pick up the slack.

Last edited by beantown; 12-23-2010 at 07:29 AM..
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Unread 4 years agoclass of '06 - away - #8
DEDOS 103 heat pts103 space
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mickey deserves every penny


i dont pay taxes in miami-wade county
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Unread 4 years agoclass of '05 - away - #9
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beantown said:






I think the comic who drew this caricature has some serious talent

In all seriousness though, Heat fans are always on the defensive since but if the Celtics owner was raping the local economy and not paying what he should be paying I'd be pissed Especially now that LeHype is in Miami, they should have to re-draw that whole plan due to the fact that they'll actually be drawing people to games.

It's not about basketball at this point, it's about some fat f**k billionaire who, as usual in the US, is getting more than his fair share while the little guy has to pick up the slack.
You know, I used to think u were just on ur period from time to time but I'm 100% certain now that you've done hit menopause.
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Unread 4 years agoclass of '05 - on now - #10
hbk83 1 heat pts space
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Doesn't the owner own carnivale cruise lines?
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Unread 4 years agoclass of '06 - away - #11
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hbk83 said:
Doesn't the owner own carnivale cruise lines?
yep hes one of the richest owners in the nba
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Unread 4 years agoclass of '06 - away - #12
beantown 74 heat pts74 space
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P. Dedos said:
yep hes one of the richest owners in the nba
so why screw the local town economy then?

No hate Dedos but the fat f**k oughtta pay his part
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Unread 4 years agoclass of '06 - away - #13
DEDOS 103 heat pts103 space
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beantown said:
so why screw the local town economy then?

No hate Dedos but the fat f**k oughtta pay his part
ya he def should

dedos will be the last person on here defending a damn billionaire who gets a county paid arena or a tax break or dosent even have to pay it :disdain2:


but lets not act like the county isnt getting a huge economic boost from the miami heat


i read the article the other day of the impact the miami heat is doing this year and the future
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Unread 4 years agoclass of '06 - away - #14
DEDOS 103 heat pts103 space
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ohhh and by the way the miami dade elected officials/Banana republic is the most corrupt and incompetent muthaf**kas in the whole nation
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Unread 4 years agoclass of '07 - away - #15
L-E-Dub Bitch 13 heat pts13 space
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Damn that man has it made. The funny thing is they cant do a damn thing about it. He got the county paying and hes just watching his bank account rise. Aint that a b**ch.
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Unread 4 years agoclass of '04 - away - #16
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Pito305 said:
it was a joke you stupid f**k.

i live down here and actually read that article in the Miami New times.
Beantown isn't the smartest. It's not his fault.

It sucks what he's doing but he's taking advantage of Miami's horrible politicians.

Same thing the Marlins just did to their new place. Not as bad but close.

Miami is corrupt as it gets.

I don't think most people would do it any different. If you can take advantage of something, and allowed to do so unchecked, you would probably keep it going as long as possible.
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Unread 4 years agoclass of '10 - on now - #17
Hovi Bryant 263 heat pts263 space
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The sad thing is, the arena barely looks sold out at times. If you're paying taxes, you better be a die hard fan of the Heat. Bandwagon n*ggas shouldn't be allowed for real. lol
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Unread 4 years agoclass of '06 - away - #18
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Hovi Bryant said:
The sad thing is, the arena barely looks sold out at times. If you're paying taxes, you better be a die hard fan of the Heat. Bandwagon n*ggas shouldn't be allowed for real. lol
"at times" is the key word

as in with four minutes left in the 1st quarter or by the 2nd quarter you cant find one seat opened



over capacity
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Unread 4 years agoclass of '05 - away - #19
Flacco Da Gawd 53 heat pts53 space
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I read that s**t in the New Times
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Unread 4 years agoclass of '10 - on now - #20
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Rubix said:
You know, I used to think u were just on ur period from time to time but I'm 100% certain now that you've done hit menopause.


Nah but that owner is f**ked up.Almost makes makes James Dolan AKA Guitar Jimmy look like a decent one.........................i'm lyin
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