By now you’ve probably heard that the Miami Hurricanes are selling their lease on the arena to a new entity, and the new owner is reportedly a big basketball fan.
The new entity is currently owned by billionaire Robert Iger, and he reportedly told The Associated Press he will take over the team.
The deal was rumored last week, and ESPN’s Chris Forsberg reported the news Monday.
Iger will take control of the team, which had a record of 4-18 in its first season.
But in the months since, the team has continued to struggle, finishing last in the ACC and the Big East in the last two seasons.
It is not clear whether the new ownership group will be able to get past the NCAA sanctions.
Iger is not an active NBA owner, and it is unknown if he would like to have an ownership stake in the team at this point.
The team’s arena lease is scheduled to expire in 2020, and if it does not renew by then, it will go to a public-private partnership.
As we reported, the Hurricanes are not the only team with a lease on arena property.
The Phoenix Suns are a part of the same deal with a different ownership group, but the team is not under contract to the team owners for the rest of the current contract.
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