Image Credit: Gage Skidmore (CC BY-SA 2.0)
Former Florida Governor Jeb Bush and former New York Yankees great Derek Jeter have committed nearly $200 million towards a $1.3 Billion acquisition of the Miami Marlins. The duo are currently seeking other investors to complete the sale, therefore, Jeffrey Loria and the Miami Marlins organization have halted talks with other potential buyers. Other potential buyers included Solamere Capital, Quogue Capital, Tagg Romney, oldest son of Mitt Romney, and Joshua Kushner, bother-in-law to Ivanka Trump.
Image Credit: Rubenstein (CC BY-SA 2.0)
Nearly $850 million in cash will be required for the transaction; Major League Baseball uses a ratio that limits the amount of debt baseball front offices can take on. In other words, they want to ensure that all franchises are financially healthy. Sources say Derek Jeter will be more active in the day to day operations of the organization while Jeb Bush will be in the driver’s seat behind the scenes. Miami Marlins owner Jeffrey Loria was reportedly asking for $1.6 Billion for ownership of the team. Loria, who is widely considered to be one of the worst owners in professional sports, only paid $158 million for the team in 2002. Loria is also a former owner of the defunct Montreal Expos who relocated to our nation’s capital and are now the Washington Nationals.
Nothing would excite Miami Marlins fans more than seeing Jeffrey Loria sell the team. Since 2002, the team has only had five winning seasons, haven’t made the MLB playoffs since 2003 and regularly finish near the bottom in Major League Baseball’s attendance totals. And don’t forget; the Marlins play in one of the world’s largest baseball markets. If Jeb Bush and Derek Jeter can come in and turn the Marlins into a winner, there is a huge upside in the amount of money they could make in return.
Historically, professional sports teams have been safe investments when it comes time to sell to another owner. Owners like Frank McCourt (Los Angeles Dodgers), Donald Sterling (Los Angeles Clippers) and Hiroshi Yamauchi (Seattle Mariners) profited big time when they sold their franchises; all within the last 15 years.
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