The Real Deal Miami

Heat seeks 10-year arena lease extension

November 27, 2012 03:45PM

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American Airlines Arena

Despite having generated no profits for Miami-Dade county during its 12 year stay at the American Airlines Arena, the Miami Heat is attempting to extend its 30 year lease for another 10 years, the Miami Herald reported. The existing agreement will not expire for another 18 — in 2030 — but last week the team’s president of business operations Eric Woolworth sent Mayor Carlos Gimenez a letter asking the county to consider two five-year extensions.

“We’re here. We’re a long-term partner. We’re not going anywhere,” Sammy Schulman, CFO for the Heat Group, the team’s parent company, told The Miami Herald on Monday.Although the team has thus far been unable to generate enough revenue to pay the county, its recent championship win helped the team to earn close to $62 million — bringing it with in free throw range of giving back to Miami-Dade. [Miami Herald]Christopher Cameron

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