Cash-Strapped Heat Get Sponsorship Assist
Swiss travel insurance company to be presenting sponsor of team
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Hooray! We're now presented by Assist-Card! Wait, who?
The Miami Heat, brought to you by...Assist-Card?
That's right, a Switzerland-based travelers' insurance company will be the official presenting sponsor for all 41 home games the Heat play at AmericanAirlines Arena this season.
Though the financial terms weren't disclosed, the Heat is trying to exploit anywhere it can as the cash-strapped team continues to try to make ends meet.
In May, the team announced that about 20 employees on the business side of the team would be getting the ax, including former player and Community Affairs Liaison Wali Jones.
And just last month, it was announced that employees in the team's basketball operations department, in an effort to avoid layoffs, would be taking pay cuts of 2 to 20% for the upcoming year, including President Pat Riley and head coach Erik Spoelstra.
Meanwhile, the team will operate with 13 total players, two below the league maximum, as another way of cutting costs. The team's payroll is expected to be around $57 million.
Though it's the first time the Heat have ever had a presenting sponsor, the deal with Assist-Card is nothing new in the NBA, as several teams have similar deals in place, with companies like T-Mobile and Kia sponsoring the league in past years.
Assist-Card, whose Website says they're the largest travel assistance network in the world, will have a role in all Heat marketing materials including tickets, street banners and pocket schedules, as well as ad campaigns.
Copyright Associated Press / NBC 6 Miami
Posted Thursday, Oct 1, 2009 - 12:32 PM EST
