Miami, FL (SportsNetwork.com) - The Heat announced Wednesday they have made a commitment to remain in Miami through the 2039-40 NBA season.
The announcement came through a letter from managing partner Micky Arison, who said the team came to an agreement with Miami-Dade County Mayor Carlos Gimenez. The deal is subject to the approval of the Board of County Commissioners and would extend the club's partnership with the county to stay at AmericanAirlines Arena.
Part of the agreement says the Heat will make an annual guaranteed payment to the county, and Arison said in the letter that "the agreement provides cost certainty for the franchise, a necessity in this age of punitive NBA luxury taxes, and will allow us to more proactively plan our future basketball spending and maintain our commitment to all of you to put the best possible product on the floor."
According to Arison, the agreement provides an inflation-adjusted operating subsidy from the county's CDT (convention development tax) fund to the arena during a 10-year extension term totaling $147 million.
"That will allow us to continue doing what we've always done: reinvest in the county-owned AmericanAirlines Arena in order to maintain the level of excellence you've come to expect," Arison wrote.
The Board of County Commissioners is expected to vote on the pact May 6.
The two-time defending NBA-champion Heat have a 2-0 lead on Charlotte in their Eastern Conference quarterfinal series.