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Jeffrey Loria Newsbeat

Monday, October 09, 2017

Dade County Wants Its Cut of Marlins Sale

Accountants: sharpen your pencils!

Loria’s 2008 deal with Miami and Miami-Dade included payout provisions if he sold the team within six years of the 2012 opening of a county-owned ballpark built with more than $400 million in public dollars and about $150 million from the team. The deal requires the Marlins to pay the two governments 5 percent of the proceeds of a sale.

Five years and six months later, the bill may be coming due. But with Loria able to deduct both debt and taxes paid on the sale, it’s not known whether he plans on notifying local governments that they’re entitled to any dollars from the transaction.

Bote Man Posted: October 09, 2017 at 09:37 PM | 8 comment(s)
  Beats: jeffrey loria, loria, marlins, miami, money, taxpayers, team sales

Monday, October 02, 2017

Jeffrey Loria Is Sending His Bobbleheads To Cooperstown

Outgoing Marlins owner Jeffrey Loria is taking one of his prized belongings, his collection of 900 bobbleheads, and giving them to the Hall of Fame in Cooperstown. The remaining 300 to 400 bobbleheads that weren’t part of his private collection will continue to be displayed at Marlins Park.

Those bobbleheads are perhaps the best reason to go to Marlins Park.

Bote Man Posted: October 02, 2017 at 04:22 PM | 6 comment(s)
  Beats: bobbleheads, jeffrey loria, loria, marlins, marlins park

Friday, August 11, 2017

Loria agrees to sell Miami Marlins to Sherman and Jeter, source says

Miami Marlins owner Jeffrey Loria has agreed to sell the franchise for $1.2 billion to a group led by New York businessman Bruce Sherman and former New York Yankees star Derek Jeter, and Major League Baseball is expected to receive the written agreement on Friday, according to a New York based MLB source.

Sherman, a wealthy venture capitalist who has a home in New York and is building a home in South Florida, will be the “control person,” similar to a managing general partner.

But Jeter, the former New York Yankees star shortstop, will run the business and baseball sides of the organization, the source said.

RoyalsRetro (AG#1F) Posted: August 11, 2017 at 04:14 PM | 31 comment(s)
  Beats: derek jeter, jeffrey loria, marlins, sale

Monday, July 10, 2017

Now the Marlins Are Suing a Fan to Seize His $725,000 Building

I’m starting to think Jeffrey Loria might be a bad dude.

So how could Loria further embarrass Major League Baseball before the All-Star Game tomorrow? Well, here’s a hell of a good way: by taking a fan to court to try to seize his property.

That’s exactly what the Miami Marlins owner is doing, according to court records obtained by New Times. Loria’s team is suing a fan named Kenneth Sack in Broward County to take a $725,000 building he owns in Oakland Park — all as part of the same ugly dispute that has led the team to sue at least nine season ticketholders and luxury-suite owners since 2003.

It’s almost unheard-of for professional sports teams to sue their own fans. Going even further to ask a judge to seize a fan’s property is the sort of supremely petty move that only Loria’s regime could cook up.

“I don’t understand why Major League Baseball continues to allow Jeffrey Loria to behave like this,” says Daniel Rose, an attorney representing another former season ticketholder locked in a legal battle with the team. “At the end of the day, what is the motive to go after fans like this? It just shows their greed and a complete lack of respect for their fan base.”


Friday, April 28, 2017

Fox Business: Latest On Jeb & Jeter Marlins Bid

Still some hurdles to clear:

Making the cash raise easier for the duo is that they have the support of just about every owner in baseball who will see the value of their team soar if they are successful, according to people with knowledge of the matter. Indeed, if the $1.34 billion deal is completed, baseball’s most valuable franchise, the New York Yankees, would be valued at around $5 billion, a 56 percent increase from its estimated value of about $3.2 billion, these same people say.
.  .  .
Jeter and Bush are expected to invest no more than $200 million combined, which means they will have to raise between $800 million and $900 million in cash to complete the purchase under the guidelines of major league commissioner Rob Manfred, who won’t approve a deal with a high level of debt.

The task will be a difficult one if Jeter and Bush want to remain as the principal owners of the team—and not give up operating control to other investors—given how much money they will need to raise, baseball executives tell FOX Business.

“How many people are willing simply to write a $100 million check and not have a say in running the team?” said one senior baseball executive who spoke on the condition of anonymity. “We all want them to succeed because Jeb and Jeter would be great for baseball, but it won’t be easy.”

You’d think it’d be an honor just to be asked to write a $100M check to Derek Jeter.


Tuesday, April 25, 2017

Marlins expecting to finalize $1.3B deal to sell team to Jeb Bush, Derek Jeter group

Miami Marlins owner Jeffrey Loria reached an agreement in principle to sell the team to a group led by former Florida Governor Jeb Bush and including former New York Yankees star Derek Jeter, pending Major League Baseball approval and other details to be worked out in the drawing up and execution of a contract, according to an MLB source.

According to the source, Bush’s group has agreed to pay $1.3 billion for the team.

A source said the Marlins and Bush group are very optimistic a deal will be finalized, but the process could take months to conclude.

Bush plans to be the Marlins’ “control person,” the individual who would have ultimate control over franchise decisions, according to the source.

Jeter, the former All-Star player who lives in Tampa, plans to take an active role with the franchise.

Bush’s group includes at least five investors, and it’s unclear which of those investors has the most money invested in the bid.

RoyalsRetro (AG#1F) Posted: April 25, 2017 at 03:24 PM | 132 comment(s)
  Beats: derek jeter, franchise sale, jeb bush, jeffrey loria, marlins

 

 

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