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THE MIDDLE EAST PEACE PROCESS HAS NOTHING ON THE HEAT SALE
Published December 1, 1994
A dispute over Israeli taxes is causing some of the problems in the sale of 40% of the Miami Heat. Whit Hudson is seeking to purchase the share of partners Lewis Schaffel and Billy Cunningham, but not directly. Instead, Schaffel and Cunningham would "resell their shares for $60 million to Florida Basketball Inc., which is the official name of the Heat's general partnership. That would give the Arison family complete control over the team." The Arisons would then sell "managing control" of the team to Hudson. But the deal, set up for tax reasons, has reportedly generated a dispute between Hudson and Arison. Since Marilyn Arison lives in Israel, the sale would be subject to Israeli taxes. But Hudson says he agreed to pay U.S. taxes, and that terms of the sale "do not address Israeli taxes." The two also disagree over who pays limited partner Julio Inglesias $2.4M upon any sale (Alex Marvez, MIAMI HERALD, 12/1).