Heat owner Arison has yet to repay county for arena subsidies

TRD MIAMI /
Jan.January 09, 2012 04:30 PM

When Miami Heat owner Micky Arison struck a deal with Miami-Dade County to build the $213 million American Airlines Arena in 1997, he was supposed to return 40 percent of all profits beyond $14 million to the county. It was deemed a fair exchange for the $38 million worth of land and the $6.4 million annual subsidy (through 2027) he received for the new stadium.

But according to the Miami New Times, Arison has yet to return a single penny to the county – even after the arrival of LeBron James and Chris Bosh propelled the Heat to the NBA finals and the arena to a record $60 million in revenue last year.

That’s because Arison reported expenses of $47.8 million at the arena, $12 million of which came from “depreciation and amortization.” Even though revenues rose $15 million in 2011, team profits still couldn’t surpass the $14 million threshold.

The New Times speculates that Arison is using accounting tricks to ensure that profits don’t exceed $14 million, and he never has to share any of his winnings with the taxpayers that built his arena. [Miami New Times]


Related Articles

arrow_forward_ios
Chris “Birdman” Andersen and William Meyersohn (Credit: Getty Images)

Chris “Birdman” Andersen sells Pinecrest house for $2M

506 Sunset Drive and Justise Winslow (Credit: Getty Images)

Justise Winslow scores Coral Gables home

former Rucks Park site in North Miami and Udonis Haslem (Credit: Google Maps and Getty Images)

Miami Heat’s Udonis Haslem takes a shot at affordable housing

From left: Dion Waiters, James Johnson, Erik Spoelstra, Dwayne Wade, LeBron James, Chris Bosh and Hassan Whiteside (Credit: Getty Images, iStock, Wikipedia Commons)

Heat Map: Here are the homes of Miami Heat’s elite

Miami Heat’s Tyler Johnson sells Pinecrest home

Miami Heat’s Tyler Johnson sells Pinecrest home

Plan to build Cuban museum on waterfront site behind AmericanAirlines Arena scrubbed

Plan to build Cuban museum on waterfront site behind AmericanAirlines Arena scrubbed

Miami Heat’s James Johnson buys Pinecrest home

Miami Heat’s James Johnson buys Pinecrest home

Ex-Heat star Chris Bosh wants $18M for Miami Beach estate

Ex-Heat star Chris Bosh wants $18M for Miami Beach estate

arrow_forward_ios
Loading...