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NBA

Who is Micky Arison, the Miami Heat majority owner? What is his net worth?

With the Miami Heat now fighting for an NBA title, it’s time to take a look at the man behind it all. The majority owner of the franchise, Micky Arison.

Update:
With the Miami Heat now fighting for an NBA title, it’s time to take a look at the man behind it all. The majority owner of the franchise, Micky Arison.
JOE SKIPPERREUTERS

While you probably know his name due to his association with the NBA team, it might surprise you to know that Micky Arison’s wealth actually comes from a completely different source. That’s why we’re going to take a look at just what they are and how much he’s worth in total.

What’s Micky Arison’s net worth?

As the majority owner of the Miami Heat, one of the most successful NBA franchises in recent years, the 73-year-old Micky Arison knows a thing or two about business and how to manage it. Consider for a moment that under his watch, the team has won three NBA championships and is currently in with a shot at winning their fourth against the Denver Nuggets in the NBA Finals, having tied the series at 1-1. So, how much is Micky Arison worth? According to Forbes, Arison’s current net worth stands at an estimated $6.4 million in 2023.

How did Micky Arison make his money?

Born on June 29th, 1949, in Tel Aviv, Israel, Arison migrated with his family to the United States as a young boy. It would be his father, Ted Arison, who would forge the way forward for the family shortly after their arrival in North America. After a extended period working in the air cargo business, Ted along with his friend Knut Kolster created the Norwegian Caribbean Lines. Though they had just one ship, it wasn’t long before they started to make waves in the cruise industry. With more affordable cruises that ran for shorter lengths, they were able to do serious damage to the competition which offered expensive journeys that often lasted for months. Another innovation that they added, was a focus on the quality of the ship itself, opposed to the destinations offered.

Of course, it wasn’t long before Micky joined his father’s business. Truth be told, he dropped out of the University of Miami to do so. Incidentally, this was just after his father became embroiled in a vicious legal battle with Kolster over contractual integrity and the sharing of profits. The dispute would actually lead to a monumental moment in 1972, when Ted created a new cruise line which is known the world over today: Carnival. This decision would prove to be the launchpad for Micky who became a sales agent for his father’s fledgling company. Today, Micky Arison is the chairman of the Carnival Corporation, which has an estimated net worth of $12.7 billion. As one of the major companies operating in the industry, it currently has 90 vessels in its portfolio which operate under nine sub-brands.

How much did Micky Arison buy the Heat for and what are they worth now?

Though it might sound like a joke, Arison purchased the Miami Heat back in 1995 for $32.5 million. Now, that’s not to say the franchise was cheap, but considering what any professional team goes for on the market today, one has to admit it was a steal. What came next was a demonstration in the savvy know-how of the new franchise owner. With the appointment of Pat Riley - a legend of the NBA - as the team’s president, Arison now had a man at his side who knew the game from top to bottom.

Riley would actually go on to serve as the head coach on several different occasions across almost three decades, but perhaps the most significant thing that the pair achieved, was the recruitment of LeBron James in 2010. The Heat had of course already won a title in 2006 with Dwayne Wade and Shaquille O’Neal as the two pillars, but with James as the new star this was something different. Along with Wade and Chris Bosh, James would lead the Heat to back-to-back titles in 2012 and 2013. Incidentally, it was Micky’s father Ted who brought the franchise to South Florida in 1988. So, how much are the Heat worth today some 28-years later? The Miami Heat are worth an estimated $3 billion, with an annual revenue of $326 million. This is to say, since purchasing the team back in 1995, Arison has seen almost a hundred-fold return on his investment.