Forbes: Heat Not So Hot
Miami ranks 12th on the NBA wealthiest franchise list
By TODD WRIGHT
Updated 8:30 PM EDT, Wed, Dec 9, 2009
So being mediocre doesn't have its privileges?
No, according to Forbes Magazine, which ranked your Miami Heat as a team in financial transition - which is a nice way to say the money ain't coming in like it should.
Sure, the Heat has what every successful business model needs, a star spokesman to be the face of the product, but not even Dwyane Wade could stop the economy outside of the American Airlines Arena from impacting the bottom line inside it. Attendance was down 8 percent.
The Heat ranked a respectable 12th among the wealthiest NBA franchises, but trends continue to point downward for the team as it heads into the spending free-for-all that will become the 2010 free agency period.
Forbes estimates the Heat organization is worth about $364 million, but ranks near the bottom of the NBA in the percentage drop from last year. The Heat's worth is down by seven percent, Forbes estimated.
"The Miami economy is a wreck and the impact has been very harsh on the Heat," a Forbes analysts wrote.
The World Champion Los Angeles Lakers, not surprisingly, was the wealthiest NBA franchise. At least we have the Heat dancers. That's worth the price of admission.
Before the season, Heat President Pat Riley announced 20 layoffs and salary cuts for other employees, including the coaching staff. The team also held the purse strings tightly, making no real moves in the offseason despite the demands of a certain superstar who will be a coveted item next year.
But hey, things could be worse.
You could be a New Jersey Net fan.
First Published: Dec 9, 2009 8:18 PM EDT
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