During the mid-1980s, the National Basketball Association (NBA) decided to increase the number of teams playing the game. As part of a two-phase league expansion that took place between 1988 and 1990, the NBA introduced the Orlando Magic, the Charlotte Hornets, the Minnesota Timberwolves, and the Miami Heat. It cost each franchise $32.5 million to enter the arena.During its first five campaigns, the Miami Heat did not have a winning season, although it remained close to a “break even” point for most of those years.
The team hit a milestone during the 1991-1992 season when it made the playoffs, but it lost to theMichael Jordan-led Chicago Bulls. Fourteen years later, the Miami Heat reached another important marker as it won its first NBA Championship under head coach PatRiley. In 2012, with star player Lebron James, the club repeated this feat and defeated the Oklahoma City Thunder to again become league champions.
About the Author:An Israeli basketball player, Raanan Katz aspired to join the NBA. After spending sometime with the Atlantic City Sea Gulls, Katz focused his career on property development, establishing RK Centers. In 1986, he became one of the original owners of the Miami Heat and continues to support the team as a Limited Partner.