The Heat were formed in 1988 as an expansion franchise. The Heat along with the Orlando Magic are 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 one NBA Championship, defeating the Dallas Mavericks 4–2 in the 2006 NBA Finals. According to Forbes Magazine, in 2010 the value of the franchise was about $425 million. The Heat will face the Oklahoma City Thunder in the 2012 NBA Finals.