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.