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Blog Entry

LeBron's already missed out on $12M from the Heat

Posted on: November 10, 2011 5:14 pm
 
Posted by Royce Young

For the last three years, everyone has been advising players to save up money, divert some into different account or just hoard it all in a piggy bank to prepare for this impending lockout.

Why? Because everyone knew this was coming. Officially, most players don't miss a paycheck until Nov. 15 (or so), but the three Miami Heat titans don't care about that. Forget saving -- they wanted their contracts loaded up on the FRONT end. Via ESPN.com:
Heat owner Micky Arison is worth more than $4 billion and his sitting on a massive lump of money from thousands of season ticket holders who’ve paid in full. Not to mention he didn’t have to pay LeBron James, Dwyane Wade and Chris Bosh their July balloon payments. James, sources said, was owed a $12 million check in July as part of his contract that allowed him to get 80 percent of his annual salary up front. That cash is still sitting in the Heat’s coffers. Yet the Heat’s employees are all swallowing 25 percent paycuts right now because of the lockout. We infer from this exactly what Arison has proven for years: he’s a businessman not just a billionaire.
That is just so Miami Heat. Don't think about the consequence, only think about the now.

Now, of course, LeBron, Wade and Bosh will get their balloon payments that they're owed once the lockout ends. But right now, Arison is sitting on a pile of money that he doesn't have to give to his three superstars. I'm sure he wants to because that means basketball is back, but he doesn't have to. Which isn't so bad.

And as the report notes, Arison cut back on Heat employee salaries during the lockout despite having this rainy day fund. Even though he's got more than $20 million extra, he didn't keep his employees at their normal salary. Probably because eventually he has to pay it back, but still, it's not like he didn't have the money.

Via PBT
Comments

Since: Nov 11, 2011
Posted on: November 11, 2011 11:54 am
 

LeBron's already missed out on $12M from the Heat

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Since: Jan 7, 2008
Posted on: November 11, 2011 10:21 am
 

LeBron's already missed out on $12M from the Heat

All Poor baby.F you nig.



Since: Oct 16, 2011
Posted on: November 10, 2011 6:28 pm
 

LeBron's already missed out on $12M from the Heat

So basically this was a pointless article because lebron isnt going to lose anything once the season starts, THANKS FOR WASTING MY TIME WRITER!!!!!!



Since: Oct 3, 2011
Posted on: November 10, 2011 6:09 pm
 

LeBron's already missed out on $12M from the Heat

What a dumb story... or whatever you want to call it.

Lebron and the rest will get their money on a pro rated basis depending on how many games the season is... the fans who bought season tickets will get their tickets and refunded for the missed games.

Its not a "rainy day fund" Royce if it is already owed.... Of course Arison has the money... he is worth 4 bill... but there are many other revenue streams that are not in place during the lockout that support player salaries.... TV/Radio deals...advertisement..ect.



Since: Oct 3, 2011
Posted on: November 10, 2011 5:52 pm
 

LeBron's already missed out on $12M from the Heat



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