Jeffrey Loria Sells Miami Marlins to Derek Jeter, Michael Jordan Ownership Group

Rich Schultz/Getty Images

Jeffrey Loria has sold the Miami Marlins to a group that includes former New York Yankees shortstop Derek Jeter and New York businessman Bruce Sherman

Per MLB.com’s Joe Frisaro and CBS Miami’s Mike Cugno, Marlins president David Samson announced the agreement to sell the team had been signed. Cugno added the deal is expected to be finalized in October. 

Barry Jackson of the Miami Herald reported Friday that Loria agreed to sell the Marlins for $1.2 billion, with Sherman serving as the “control person” and Jeter running “the business and baseball sides of the organization” after the deal becomes official. NBA legend Michael Jordan is also an investor in the group.

There has been speculation about a Marlins sale dating back to February, when Mike Ozanian of Forbes reported Loria had a handshake deal to sell the franchise for $1.6 billion that was never made official because a majority of the potential buyer’s net worth was not actual cash but tied up in real estate.

Steven Wine of the Associated Press (via the Chicago Tribune) reported Joshua Kushner was the buyer who had a preliminary agreement with the Marlins. Kushner later ceased negotiations, per Mark Moore of the New York Post.

Barry Jackson of the Miami Herald reported on March 4 Loria was “fully expected to sell the team sometime this year” and the team was “actively engaged in discussions with four groups and have had additional conversations with two others.”

Loria’s ownership of the Marlins has drawn its share of scrutiny. He previously owned the Montreal Expos before selling the franchise to Major League Baseball in 2002 for $120 million, then bought the Marlins for a total of $158 million by procuring the additional $38 million in a loan from MLB, per ESPN.com

The U.S. Securities and Exchange Commission opened an investigation in 2011 regarding the financing for Marlins Park. It took four years and was eventually closed with no charges brought against the…

Read the full article from the source…

Leave a Reply

Your email address will not be published. Required fields are marked *