MIAMI (AP) - For the first time, the Miami Heat have a presenting sponsor.The Heat formally unveiled a five-year deal Thursday with Assist-Card, a travelers' insurance and assistance company. Financial terms were not disclosed.Several NBA teams, including Miami, have recently struck deals for new revenue streams in response to the struggling economy. The Heat recently had all basketball operations employees accept pay cuts of up to 20 percent, in return for no layoffs in the department.
Talks between Assist-Card and the Heat went on for about a year before a deal was closed.
"It's a great opportunity for all of us here," Heat president Pat Riley said. "We're working in an environment that's challenging right now from a business standpoint. We all feel it. ... But this will be a great partnership for a long time."
Assist-Card will have a role in all Heat marketing materials such as tickets, street banners and pocket schedules, along with all news releases and advertising campaigns. The company has been in business internationally for nearly 40 years and is making a full-scale expansion to North America.
