Hollywood-Style Accounting Masks NBA Miami Heat's Bonanza

American Airlines Arena, Miami

Today's online edition of the Miami Herald includes a fascinating story about the NBA franchise Miami Heat's money trail. One intriguing angle is how the Heat's revenue sharing, rent, and other financial configurations has managed to leave Miami-Dade holding an empty money bag.

The Herald article noted how fan spending dramatically increased at the Heat's home arena once LeBron James and Chris Bosh joined superstar guard Dwayne Wade to form "The Three Kings." However, that increased revenue did not reach the Heat arena's landlord, the Miami-Dade municipal authorities. Instead, the Herald noted, "the surge in revenues during the Three Kings era has not yet offset the losses recorded in the first years of the waterfront arena...As a result, Miami-Dade has yet to collect rent on the county-owned facility, which is governed by a 1997 profit-sharing arrangement."

The entire story goes into detail about the financial maneuvering, and strongly suggests that Heat owner Micky Arison is raking in the cash on this deal. It's also a cautionary tale about pro sports in general, and how following the money almost always leads to some very interesting, and occasionally dark, areas that ownership and municipalities alike would prefer kept out of the light.