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Miami-Dade Commissioners Approve Heat Arena Deal Extension

 
Miami-Dade Commissioners Approve Heat Arena Deal Extension
Posted Tuesday, June 3rd 2014 @ 2pm

 

The Miami Heat score big outside of the basketball court.

Miami-Dade Commissioners approve, by a 10-2 vote, the extension of the Heat's deal at the American Airlines Arena through 2035.

The new package would eventually give a boost to the Heat’s current $6.4 million annual subsidy in exchange for yearly $1 million donations by the team to the county’s parks department. The county would pay the Heat more than $8 million a year from 2030 to 2035.

The new agreement nullifies the county's previous profit-sharing deal with the Heat, which yielded just one small payment from the team last year. Aside from the Heat's $1 million annual parks donation, the county will also be allowed to negotiate a larger naming rights deal once the current one expires in 2020 or share in the profits of a naming-rights agreement brokered by the Heat.

 

 

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