Are the Miami Heat Broke?
Unlike everyone else in the Miami Heat’s basketball operations department, guard Dwyane Wade and his teammates have guaranteed contracts and won’t have to take a pay cut.
Trying to avoid layoffs again that caused the elimination of 20 jobs in May, Heat President Pat Riley asked all basketball operations personnel to voluntarily accept pay cuts ranging from 2 percent to 20 percent. The pay cuts include scouts and assistant coaches. As a cost-cutting measure, the Heat likely will keep its roster at 13 instead of the league’s maximum 15.
Despite the franchise’s financial woes, Wade said Tuesday at Chris Paul’s inaugural Celebrity Golf Classic that he thinks the Heat will be in position next summer to be an active participant in free agency. Wade can opt out of his contract and join next summer’s free agency class that is expected to include Cleveland’s LeBron James and Toronto’s Chris Bosh.