Heat owner says team losing money: “Minnesota is a larger market than Miami."

Miami Heat owner Micky Arison revealed that the team will probably lose money again next season. (Joe Murphy/Getty Images) Miami Heat owner Micky Arison

Miami Heat owner Micky Arison revealed that the team will probably lose money again next season. (Joe Murphy/Getty Images)

Miami Heat owner Micky Arison revealed in July that he expects his team to lose money again next season, according to a CNBC report from Darren Rovell. He said owning the team is "a hobby of passion, it's not a business."

Arison admitted that the Heat have been in the red every year since he took ownership in 1995, except for last season when LeBron James brought the city its second NBA Championship:

“The reality is we’re not a big market team,” Arison told CNBC. “Minnesota is a larger market than Miami. Where we find ourselves struggling is our local TV revenue is smaller than big markets and despite sellouts we’re only seventh or eighth in gate revenues. Obviously our payrolls are up and our revenues are not because of the limitations of our market.”