It’s unknown where the likes of LeBron James, Dwyane Wade and Chris Bosh will be playing their basketball after this season, but at least we know where the team they are possibly be leaving will be for years to come.
According to reports, the Heat have agreed to a 10 year extension with the Miami-Dade County, meaning that the team will continue to play their basketball in South Beach through 2040.
It’s not like there was ever a real threat of the team relocating elsewhere, but it gives everyone a piece of mind and guarantees stability. Something that Owner Micky Arison says is a crucial element in today’s NBA because it provides “cost certainty for the franchise, a necessity in this age of punitive NBA luxury taxes.”
The agreement includes an inflation-adjusted operating subsidy of $147 million from the county's Convention Development Tax fund, which will be reinvested into the county owned American Airlines Arena.
All Arison and the Heat have to do is keep pumping money into the South Florida economy, which is estimated to be around $1.4 Billion dollars annually.
Unfortunately, the deal isn’t quite set in stone yet though with the county’s commissioners still to give the go ahead, pending a vote of approval. However that should be a formality and it could be confirmed as early as May 6th.
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