Miami Heat owner says team will lose money despite winning NBA Title
Miami Heat owner Micky Arison is pulling no punches about the realities of revenue in the NBA. He expects the organization to lose money, even after winning the NBA championship.
According to realgm.com, Arison said:
“This is a hobby of passion, it’s not a business. Every year in the building we’ve lost money aside from last year, under the old Collective Bargaining Agreement, because of LeBron…with the new Collective Bargaining Agreement, it works against us because of the dollars we had under contract already and the revenue sharing…where we find ourselves struggling is our local TV revenue is smaller than big markets and despite sellouts we’re only seventh or eighth in gate revenues obviously our payrolls are up and our revenues are not because of the limitations of our market.”
This reality is a wake-up call for everyone who thinks owning a professional sports team is all sunshine and rainbows. But I personally doubt Arison is hurting as far as the wallet is concerned. At least the big contracts he shelled out to form the Dream Team in Miami are paying off thus far.