The Miami Heat will sell their franchise to a group led by a former NBA player, a source with knowledge of the discussions told ESPN on Friday.
Sources familiar with the talks with the Dolphins told ESPN that the group of four players, led by Miami’s former NBA players Chris Bosh, Chris Mullin and Dannell Ellerbe, wants to sell the franchise to an outside investor for more than $200 million.
It is unclear who the investor would be.ESPN reported on Friday that the team’s owners had reached a $20 million offer to buy the team.
Miami has struggled to sell its team since it bought it from the New York Knicks in 2013.
Its only winning season came in 2015-16, when it finished 30-49 and lost the NBA title to the Golden State Warriors in six games.
In an effort to help lure LeBron James back to the Miami Heat, owner Micky Arison invested $50 million in Miami Heat International, a private equity firm, and hired former NBA team owner Joe Lacob to oversee the deal.
The Miami group also includes former NBA All-Star Chris Mullen, NBA player Dannelle Ellerb, and NBA player Mullin.ESPN’s Jeff Goodman and The Associated Press contributed to this report.