Miami Marlins owner Jeffrey Loria could reportedly be on the verge of netting more than $1.5 billion in profit for the Major League Baseball franchise he purchased in 2002.
Team president David Samson has said there is a $1.6 billion “handshake agreement” to sell the Marlins to an unidentified New York City real estate developer, two anonymous sources told Forbes Thursday.
Back in 2002, Loria spent a relatively mere $158 million to acquire the Florida-based team. He has since only increased its value by having taxpayers foot the bill on a $639 million stadium, Marlins Park, which opened in 2012. However, the Marlins have struggled to even make the postseason, let alone post a winning record.
However, there was a possibility the sale could be held up. The potential buyer wasn’t “liquid,” or doesn’t have enough cash on hand because much of his or her worth is in real estate properties. That means the buyer may have to take on more debt in order to complete the purchase, something MLB could flag as problematic.
In December, Loria was reportedly seeking $1.7 billion for the team. The possible sale could greatly excite Marlins fans, who have come to loathe the 76-year-old New York native and art dealer.
As Sporting News pointed out in December, fans have been incensed by the stadium bill, Loria’s apparent refusal to pour some of the revenue sharing funds he’s received from other MLB teams into the Marlins roster, his selling off of top players that would’ve made the team more competitive and for firing Miami’s long-serving television analyst for criticizing management on the air.
If the deal goes through, it would be just behind the record $2 billion Guggenheim Baseball Management paid to acquire the Los Angeles Dodgers in 2012, nearly $1 billion more than the previous record for a sports franchise. Back in 2009, Miami Dolphins owner Stephen Ross shelled out $1.1 billion to snag the NFL team.
Our editors found this article on this site using Google and regenerated it for our readers.
