The Miami Marlins are for sale, and owner Jeffrey Loria may have a buyer.
Loria has a preliminary agreement to sell the team to a New York businessman, but the deal could fall through because the final purchase price hasn’t been determined, a person with direct knowledge of the negotiations said Thursday. The person spoke to The Associated Press on condition of anonymity because the Marlins have not commented publicly on the negotiations.
The preliminary agreement was for a purchase price of about $1.6 billion, the person said, but added that was before the prospective buyer did due diligence. The final offer by the potential buyer could be much lower, the person said.
The person declined to identify the prospective buyer but said other parties are also interested in purchasing the team, and negotiations with them might eventually be reopened. However, ESPN is reporting that real estate mogul Charles Kushner is the prospective buyer. Kushner’s son is Jared Kushner, a top aide to President Donald Trump, and the husband of his daughter, Ivanka.
Forbes reported earlier Thursday, citing two unidentified sources, that Marlins President David Samson has said that there is a $1.6 billion handshake agreement for a sale.
Samson declined to comment to the AP and has been unwilling to say publicly whether the team is for sale.
Samson declined to comment to the AP and has been unwilling to say publicly whether the team is for sale.
Loria, 76, bought the Marlins for $158.5 million in 2002 from John Henry, part of the Boston Red Sox ownership group that has celebrated three World Series titles. The Marlins won the World Series in 2003 but haven’t been the postseason since, and they haven’t finished above .500 since 2009.
They’ve also finished last in the National League in attendance in 11 of the past 12 years despite moving into a new ballpark in 2012. The small crowds have been blamed in part on antipathy for Loria stemming from the team’s perennially small payrolls and a financing agreement for the new ballpark widely viewed as unfair to taxpayers. Public money covered more than three-fourths of the project’s $634 million cost.
“At the time when the vote was being taken, this is exactly what I said. All he’s gonna do, he’s gonna wait it out until he really doesn’t have to pay anything to the county and the city,” Gimenez said, “and then basically take the equity that we built, the increase in the value of the team that we helped him attain and basically put it in his pockets.”
Gimenez said taxpayers may never see the costs paid back.
“Right now, I think it’s at five percent,” he said, “but if he sells after March of 2018, or it closes after March of 2018, then there’s nothing. There’s no sharing in the profits of the sale of the team.”
City of Miami Mayor Tomás Regalado said he hopes the team stays in Miami.
“It was a sweet deal. I was against it, voted no all the time,” Regalado said, “but I think that the most important thing is that they need to remain as a franchise here in Miami.”
A statement released by MLB said, “Under Major League Baseball rules, the commissioner’s officer must be informed of any conversations about a potential sale. The commissioner’s office has not heard directly or indirectly of any conversation involving Charles Kushner.”
Loria, a New York art dealer, has kept a low profile in Miami the past couple of seasons. But he approved increasing team payroll by one-third this season to about $100 million, which raised speculation he wanted a competitive team to make it more appealing to potential buyers.
The death of ace Jose Fernandez in a boat crash in September might be a factor in Loria’s willingness to sell.
“Jeffrey was obviously impacted emotionally by the loss of Jose very significantly, like losing a child,” Samson said last week. “But he continues to be motivated and interested and engaged.”
Before purchasing the Marlins, Loria owned the Montreal Expos and became unpopular with their fans as well. He bought 24 percent of the team in 1999, and his share eventually rose to 92 percent. He failed to reverse the decline of the franchise, and it moved to Washington in 2005.
The Marlins’ next owner will be their fourth. Wayne Huizenga founded the franchise in 1993.
Miami will host the All-Star Game for the first time in July. When Samson was asked last week if he anticipates that Loria will still own the team when this season ends, he said yes.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.