Blog Entry

Forbes: Heat owner Micky Arison lost $1.3 billion

Posted on: January 5, 2012 1:43 pm
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Posted by Royce Young

Micky Arison had a pretty good year. LeBron James and Chris Bosh came to South Beach, the Heat made it to The Finals and his franchise is set up to compete for championships for at least the next four or five years. He's got maybe the most visible, hottest franchise in the league and the Heat are making some money.

Except it wasn't really a great year for Arison, in terms of money.

According to Forbes, Arison lost an estimated $1.3 billion (with a "b") last year. Arison is the majority owner of Carnival Cruise Lines, and his share price decreased 28 percent because of the poor U.S. economy. Just with the cruise business alone, Arison lost the money and was named one of the magazine's biggest losers for 2011.

Arison was one of the five owners to vote against the league's new collective bargaining agreement, saying he did it in "protest" of the new deal. He was also fined during the lockout $500,000 because he tweeted to an upset fan that they were "barking at the wrong owner."

Arison wasn't one of the so-called "hardliners" that were pushing for a hard cap and tougher system, but you can see why some of these owners wanted to guarantee themselves profits with their franchies. Due to the sagging economy, their primary businesses have taken a hit and now they're looking for their basketball organization to make a little.

Arison recently was ranked No. 75 by Forbes in its top 400 richest Americans, but with a $1.3 billion hit to his wallet, you've got to think that might change a bit.

Via I Am A GM
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Category: NBA
Comments

Since: Apr 13, 2011
Posted on: January 16, 2012 2:37 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Poor Micky might not be in the top 400 richest Americans after this!! My heart is breaking for him.



Since: Jun 9, 2009
Posted on: January 6, 2012 10:49 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

The dark side is strong within you young Jedi warrior. The hatred grows.



Since: Jun 9, 2009
Posted on: January 6, 2012 10:47 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

BOO HOO this guy could be up a billion or down a billion and his life will not change one bit.



Since: Feb 14, 2011
Posted on: January 6, 2012 6:23 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Sure, this is a terrible article but Royce isn't consistently bad like Larry Dobrow.  Larry is the low water mark for all the CBS writers. 




Since: Oct 12, 2010
Posted on: January 6, 2012 1:49 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

What a misleading article. What are you implying Royce? That he lost a billion dollars because of the Miami Heat?



Since: Oct 22, 2007
Posted on: January 6, 2012 10:52 am
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Why do people hate on the rich.


I don't hate the rich, but I'm all out of sympathy for their "problems."



Since: Oct 22, 2007
Posted on: January 6, 2012 10:50 am
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Arison recently was ranked No. 75 by Forbes in its top 400 richest Americans, but with a $1.3 billion hit to his wallet, you've got to think that might change a bit.


Excuse me if I don't shed any tears. His spot in the top 400 may change, but as stated, it will only be by "a bit." Even if he drops to 400, he's still one of the most obscenely rich people in the country and him losing money in other business ventures has NOTHING to do with the Heat.

This article is ridiculous for the sympathy it shows to Arison while implying that it's understandable that NBA franchise owners want to make up losses in other businesses by sticking it to their fans or players. With so many out of work or living paycheck-to-paycheck, this sympathy for the extremely wealthy losing money - while still maintaining an obscene amount of wealth - is really misplaced.


LoveTallMan
Since: Jan 6, 2012
Posted on: January 6, 2012 7:22 am
This comment has been removed.

Post Deleted by Administrator




Since: Mar 30, 2010
Posted on: January 6, 2012 12:56 am
 

Wealth 'value' does not equal cash

Stop with the propaganda you friggin media whores. It's all wealth lost in paper only and he'll find a way to get Miami tax payers to eat part of it and the federal government will be stiffed millions in taxes he SHOULD pay but will hide behind this so-called "loss". --- Call me when he's eating top ramen three times a week and has to move into a 1200 sq. ft. condo because his mansion was repo'd by one of the other guys from his country club.



Since: Aug 7, 2008
Posted on: January 6, 2012 12:11 am
 

Forbes: Heat owner Micky Arison lost $1.3 billion

"Arison lost an estimated $1.3 billion (with a "b")" 

Since when has billion ever been spelled with an "m"? Also, the headline made me think that the Heat caused Arison to lose 1.3 billion.
Royce Young makes Doyel's writing seem like Pulitzer-caliber writing and we all know what nonsense Doyel writes. 


The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com