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The Heat were formed in 1988 as an expansion franchise.

Along with the Orlando Magic, the Heat are one of the two NBA franchises that represent the state of Florida.

Since entering the league, Miami has fielded squads that have made the playoffs 16 out of 24 seasons, capturing nine division titles, three Eastern Conference Championships, and two NBA Championships, defeating the Dallas Mavericks 4 – 2 in the 2006 NBA Finals and the Oklahoma City Thunder 4 – 1 in the 2012 NBA Finals.

According to Forbes Magazine, in 2010 the value of the franchise was about $ 425 million.