Micky Arison said the Heat is likely to lose money again this year.
“This is a hobby of passion, it’s not a business,” said Arison, who took control of the team in 1995. “Every year in the building we’ve lost money aside from last year, under the old Collective Bargaining Agreement, because of LeBron.”
Arison lamented the new the collective bargaining agreement, specifically revenue sharing.
“With the new Collective Bargaining Agreement, it works against us because of the dollars we had under contract already and the revenue sharing,” Arison said.
“Where we find ourselves struggling is our local TV revenue is smaller than big markets and despite sellouts we’re only seventh or eighth in gate revenues,” Arison added. “Obviously our payrolls are up and our revenues are not because of the limitations of our market.”