The Miami Heat Are NOT Discussing A New TV Deal [UPDATE]

Dwyane Wade LeBron James dunk

Photo: AP Images

[Update] A source with Fox Sports that has knowledge of the situation tells us that there is no truth to the report, and that the two sides are not discussing a new contract.[Earlier] reporting that the Miami Heat are closing in on a new long-term television deal that will be worth $80-100 million per year.

The deal is expected to be worth at least four times as much as their current deal and is due in part to the long-term deal the Heat signed with LeBron James.

According to Mike Ozanian, the new deal will increase the value of the franchise from $443 million, in the latest NBA franchise valuations, to something closer to $550 million. That would move the Heat from the sixth most valuable NBA franchise to fourth, behind the Los Angeles Lakers ($900M), New York Knicks ($780M), and Chicago Bulls ($600M).

Micky Arison purchased the team for $32 million in 1988.

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