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Forbes: Heat owner Micky Arison lost $1.3 billion

Posted on: January 5, 2012 1:43 pm
 
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
Category: NBA
Comments

Since: Mar 27, 2009
Posted on: January 5, 2012 9:03 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

I hope this overly rick clown loses even more in 2012.  Guess that's the price of trying to "buy" a championship!



Since: Oct 27, 2011
Posted on: January 5, 2012 8:46 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Here is another silver spooned pos who makes excessive amount of profits on the backs of hard working people........the last time i was on a cruise ship 3/4 of the employees were foreigners................i'm sre at the top of his worry list is the concern that his employees have a living wage.....not....my heart bleeds for him......



Since: Sep 5, 2010
Posted on: January 5, 2012 8:02 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Poor guy... and now he's only worth $4.5 BILLION. 

As for those debating the fact whether he actually "lost" that money or not, well, the FORBES list has to with someone's personal worth. So in this case, YES, his overall worth was reduced by $1.3B. As for "losing" money, actually, NO, that isn't the case.



Since: Nov 25, 2009
Posted on: January 5, 2012 7:34 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

I'd hate to gas up the ole cruise boats too but if I had 1.3b (to lose that is) I wouldn't mind.  I wonder how much he would have lost if the Heat hadn't collected all sorts of additional money that comes along with being one of the most recognizable NBA brands globally.  I mean, shesh... it's Team USA in a different uniform.


tallconnect com
Since: Jan 5, 2012
Posted on: January 5, 2012 7:22 pm
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Since: Sep 28, 2007
Posted on: January 5, 2012 7:07 pm
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Since: Jun 25, 2009
Posted on: January 5, 2012 6:36 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

On my way to the Homeless Shelter to do some volunteer work and later going to the Job Fair to assist people with resume writing.  I'll be sure to let the hundreds of people in the lines about Mr. Arison's circumstance.  I'm sure they'll be more than willing to take up a collection for him. 



Since: Dec 5, 2006
Posted on: January 5, 2012 6:34 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

There is a substantial ignorance evidenced in this article. Let me address some of it.
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.
Each business an owner has is expected to stand on its own. Every businessman wants every business to be profitable. The way business financing works the need for each business to show a profit is only partially tempered by individual wealth in other businesses. Any business which loses substantial money six years  in a row (such as the NBA) will find increasing difficulty to raise working capital.

Mr. Arison did not lose $1.3 billion last year. Read the Forbes article. The price of his stock may have declined but unless he sells that stock there is no loss. As the majority owner he likely has no interest in selling. So in an improving economy as his stock market value increases he will not have 'made' money either on that stock. This is basic personal finances.

The point of this article is to beat a dead horse. Royce is still trying to castigate the owners for favors from his pet player agents. No other purpose. Please, Royce. Talk about basketball. It is an escape for many of us from the trials of living in this economy. Stay on the court and deliver some real basketball content. Then we will all be a bit richer.





Since: Aug 4, 2011
Posted on: January 5, 2012 6:34 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

What an inane article (or maybe it was just the blog about the article).  Arison didn't lose any money on his Carnival holdings, he lost share value.  If a person holds stock in a company, chances are pretty good that he or she either gained or lost value over the course of a year.  The only thing that truly counts is the gain or loss when you sell it compared to when you bought it (excluding any dividends paid while you were the record holder). 



Since: Oct 12, 2011
Posted on: January 5, 2012 6:20 pm
 

Forbes: Heat owner Micky Arison lost $1.3 billion

Oh wow, poor guy!  He's got to figure out now how he's gonna fill up his boat, car, train, hummer, other boat, and airplane with gas!  Is there a link where I can send him some money?


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