Miami Heat president Pat Riley has insisted that he is confident the franchise will recover from the loss of LeBron James and remain competitive next season.

James opted to re-join the Cleveland Cavaliers this summer although Miami were able to keep hold of both Dwyane Wade and Chris Bosh in order to avoid a complete roster overhaul.

"No doubt we lost a great player. I don't get hurt, the hurt didn't last long. We picked up the phone and went to work. Sometimes, things happen that you don't like, but you have to move on," Riley said, ESPN reports.

Riley added that he is already targeting the free agency market in 2016 and he is confident in his ability to put together another dominant team.