Who owns miami heat

To learn more or opt-out, read our Cookie Policy. A post shared by dwyanewade dwyanewade. I know I was wondering that since I was a bit puzzled and surprised by the announcement myself. But then Arison released a statement on Twitter stating that the Heat were in fact open to bringing Wade onboard their ownership group once he retired in I want to congratulate Dwyane on his recent announcement. We had discussed having him join our ownership group after his retirement but he was not prepared to commmit at the time.

Over the next few years, the Heat saw moderate success under the guidance of Alonzo Mourning and company, but it was when the team drafted Dwyane Wade in that fortunes turned. That initial payment to Pat Riley might have been the most lucrative investment that Micky made in basketball. While the team has not been able to replicate the success, the addition of Jimmy Butler has brought the team back to playoff form, and with Micky at the helm, they could see more success shortly.

One of these guys is the Silver Surfer. Can you spot him? The plan was contingent, however, on the acceptance of two ballot initiatives put before the voters in the fall elections. One approved the use of a site on Biscayne Bay and the second approved the use of public funds to finance the arena. There was strong political opposition to the proposal, and a political action group, the Stop the New Arena Committee, maintained that the use of tax dollars and public land for the arena violated the county's charter and state law.

The Heat went to court to block the group's attempt to place its own initiative on the ballot, but according to polling data the arena-funding question was sure to be defeated. At the eleventh hour, a compromise was reached between Arison and Dade County Mayor Alex Penelas, who had long opposed the public debt aspect of the proposal.

The county also shared in annual net profits, but in effect the Heat Group would be the owners, moving the company beyond basketball and into the arena business.

With naming rights sold to American Airlines, the Heat's new arena opened on December 31, , not with a basketball game but with music, the Millennium Concert Spectacular of Gloria Estfan, a Miami favorite.

After playing the first 13 games of the NBA season in Miami Arena, the Heat played its first game in its new home on January 2, The facility seated 19, for basketball and could be set up in five different configurations for other events, with seating that ranged from 5, to 20, patrons. Some , seat luxury suites were also available, featuring private balconies overlooking the water.

A number of six-seat loge boxes also offered exceptional views of the game from perches overlooking the court. The impact on the balance sheet for the Heat was immediate and dramatic. Basketball games in American Airlines Arena produced 40 to 50 percent more revenues as a result of the increase in premium seating options, greater sponsorship opportunities, vastly improved concessions, parking fees, and other ancillary income.

Aside from the arena itself, the Heat Group hoped to take advantage of the nearby marina in order to host boat shows, regattas, and other events. It also formed a real estate venture called Calor to help in developing the area surrounding the arena into a thriving retail and entertainment locale. American Airlines Arena, like similar venues around the country, booked major concerts, the circus, and ice shows, but unlike many it lacked a hockey co-tenant to help keep the building in constant use.

The Panthers ultimately found a home in Broward County, moving into their own state-of-the art arena. Rather than involving the fans in coining a name for the new team, the Heat Group and WNBA decided to call the team the Miami Sol, the Spanish word for sun and an allusion to the sun and fun reputation of South Florida.

With Heat and Sol games accounting for days a year and concerts another 50 to 60, the American Airlines Arena still had many available dates in the year. To help fill this gap, the Heat Group in bought a minority interest in a New York company, Creative Battery, which produced stage shows. Although Creative Battery was focused on launching Broadway shows that could then be taken on the road and possibly translated to film or television, the Heat Group's primary objective was to bring in shows to the arena and lessen its reliance on rentals, thereby cutting down on the high cost of license fees.

The move would also likely help American Airlines Arena when a new performing arts center opened close by in Although the Heat basketball team remained its signature enterprise, the Heat Group was now a company with ever-widening aspirations for the future. Toggle navigation. User Contributions:. Comment about this article, ask questions, or add new information about this topic: Name:. E-mail: Show my email publicly.