Miami-Dade County receives almost no revenue from the $2M that American Airlines pays the Heat annuallyGETTY IMAGES
Miami-Dade County has "decided to take over talks" for the next naming-rights agreement at county-owned AmericanAirlines Arena, as the airline has only a year left on its original deal signed in the '90s, according to Douglas Hanks of the MIAMI HERALD. The Heat "privately opposed the move, which is allowed under the team’s 2014 updated lease for the county arena." The county receives "almost no revenue" from the $2M that American "pays the Heat each year." County consultants "expect the sponsorship to at least triple in value once the American deal expires" at the end of '19. Miami-Dade is "exercising its option" in order to get a "broader search for sponsors." American has "already reached out" to Miami-Dade Mayor Carlos Gimenez about remaining on the building and "began negotiations with the Heat earlier this year to extend" the deal. By taking over talks, the county will "end American’s current negotiations with the Heat and start fresh," with Cleveland-based consulting firm Superlative Group advising. Miami-Dade had until the end of '18 to "exercise its option," and doing so now, the county "must pay the Heat" an additional $2M annually starting in '20 to "make up for the money the team currently receives from American Airlines" (MIAMI HERALD, 10/24).
