MIAMI (AP) The Miami Heat say they have struck an agreement with Miami-Dade County officials to extend their partnership another 10 years, essentially guaranteeing the team remains in the city through 2040.
Heat managing general partner Micky Arison released a statement Wednesday night announcing the deal, which is still subject to approval by the county's commissioners. That vote is expected to occur May 6.
Arison says the Heat will make an annual payment to the county, earmarked for what he called "perpetually underfunded" parks and recreation activities for residents. The team also says the deal provides "cost certainty for the franchise, a necessity in this age of punitive NBA luxury taxes."