The Heat will assist in a variety of business-related areas, including sponsorship activation, marketing, branding, promotion, retail and digital in addition to cross promotion of both organizations.
Terms of the deal were not disclosed.
"The Miami Heat pride ourselves on being innovative in all aspects of sports and business", said Heat Chief Executive Officer Nick Arison in the announcement. "For us, it made ideal sense to partner with Misfits, a young and ambitious franchise in a sport that is blazing a trail". Misfits, which has teams and players in Overwatch, League of Legends, Super Smash Bros. "This partnership will be the catalyst and foundation to our continued expansion of the Misfits organisation into a global eSports company and brand". Also, Memphis Grizzlies co-owner Stephen Kaplan has invested in Noah Winston's Immortals. ESPN's Jacob Wolf reports Misfits will rebrand to match the Heat's colors.
Misfits started in 2016 when Syfy channel co-founder Mitchell Rubenstein and his son-in-law, businessman Ben Spoont, launched the brand and acquired the former Renegades: Banditos League of Legends team. In September, Ted Leonsis of the Washington Wizards and Peter Guber of the Golden State Warriors, combined to create the investment group aXiomatic, which purchased the majority share in Team Liquid.