Teams/Southeast Division
Miami Heat
Micky Arison, chairman of cruise company Carnival, has controlled the Heat since February 1995, when his family bought out two founding partners. The buyout cost a reported $68M, Forbes values the team at $6.1B, and it has had two ownership groups since 1988.
Every owner since the start
- 1995-todayArison family; Micky Arison is managing general partner
Bought all the interests of Cunningham and Schaffel; the NBA approved on 13 February 1995. $68M per Forbes ($60M per AP).
- 1987-1995Founding partnership: Ted Arison (majority owner), Billy Cunningham, Lewis Schaffel and Zev Bufman
Founded as an expansion team for a $32.5M fee. Ted Arison supplied the money; Cunningham and Schaffel were minority partners who ran the club day to day.
Value over time
Show the numbers
| Year | Forbes value |
|---|---|
| 1998 | $145M |
| 1999 | $162M |
| 2000 | $225M |
| 2002 | $248M |
| 2003 | $250M |
| 2004 | $279M |
| 2005 | $362M |
| 2007 | $418M |
| 2008 | $393M |
| 2009 | $364M |
| 2011 | $425M |
| 2012 | $457M |
| 2013 | $625M |
| 2014 | $770M |
| 2015 | $1.18B |
| 2016 | $1.3B |
| 2017 | $1.35B |
| 2018 | $1.7B |
| 2019 | $1.75B |
| 2020 | $1.95B |
| 2021 | $2.3B |
| 2022 | $3B |
| 2023 | $3.9B |
| 2024 | $4.25B |
| 2025 | $5.7B |
| 2026 | $6.1B |
Forbes valued the Heat at $145M in 1998 and $6.1B in 2026, a multiple of about 42x. The biggest one-year jump was $1.45B in 2025 (up 34%); the biggest in percentage terms was 53% in 2015.
How the current owner bought it
- Ted Arison, the founder of Carnival, was majority owner from the 1988 start. The 1995 deal bought out the two partners who managed the club.
- The NBA approved the purchase on 13 February 1995. Marilyn Arison, wife of Ted, then held 100% of the general partner and 88% of the partnership.
- Four limited partners held the other 12%: Raanan Katz and Amancio Suarez with 5% each, Robert Sturges and Julio Iglesias with 1% each.
- Micky Arison had overseen the family interest for the prior year. He became chairman of the general partner and later managing general partner.
- Financing was not reported. No transaction was found for 2025-2026.
Partners in the team
| Partner | Stake | Who they are |
|---|---|---|
| Josh Kushner | under 5% | Founder of Thrive Capital; bought in late 2024, price undisclosed. The Arison family did not sell (Front Office Sports). |
| Raanan Katz, Amancio Suarez | 5% each in 1995 | Limited partners after the buyout |
| Robert Sturges, Julio Iglesias | 1% each in 1995 | Limited partners after the buyout; Iglesias is the singer |
How the team is run
- Arison delegates. He hired Pat Riley in 1995, Erik Spoelstra has coached since 2008, and Nick Arison, his son, has been CEO since 2011.
- Arison chairs the NBA Board of Governors. Owners elected him unanimously in July 2026, and he took over from Larry Tanenbaum in September 2026.
- Miami-Dade County owns the arena. The Heat privately placed $165M of bonds to build it and pays the debt service. The county pays up to $6.5M a year toward running costs and takes 40% of annual profit above $14M.
- The NBA fined Arison $500,000 in October 2011 for tweets to fans during the lockout, per SLAM.
- The franchise has never moved, changed its name or been run by the league.
Quick answers
Who owns the Miami Heat?
Micky Arison, chairman of cruise company Carnival, has controlled the Heat since February 1995, when his family bought out two founding partners.
How much are the Miami Heat worth?
Forbes values the Miami Heat at $6.1B in its October 2026 list, up 7% from $5.7B a year earlier. That makes them the 10th most valuable of the 30 teams; in 1998 Forbes put the team at $145M.
How much did the current owner pay for the Heat?
$68M to buy out partners (Micky Arison, 1995).
Who owned the Miami Heat before the current owner?
Founding partnership: Ted Arison (majority owner), Billy Cunningham, Lewis Schaffel and Zev Bufman (1987-1995). Founded as an expansion team for a $32.5M fee. Ted Arison supplied the money; Cunningham and Schaffel were minority partners who ran the club day to day.
Open questions
- The official 1995 price was not found; Forbes says $68M and AP says $60M.
- Why Cunningham and Schaffel sold is not established. A December 1994 Sports Business Daily headline points to a dispute over control, but the article could not be read.
- Wikipedia still lists the four 1995 limited partners with 12% combined. That has not been reconciled with the Kushner stake.
- The current lease term at Kaseya Center was not confirmed. CBS Miami reported a tentative 2014 extension to 2035 or 2040, subject to county approval.