A group led by Derek Jeter has reportedly agreed to buy the Miami Marlins for $1.2 billion
AP Photo/Pool, Kathy Willens
Jeter's group felt they were in a good position to land the deal after a group including former presidential candidate Jeb Bush dropped out on Thursday, and now it looks like they have outlasted the only remaining bidder, billionaire businessman Jorge Mas to win the bid.
The bid still falls short of the initial asking price of $1.3 billion that Loria had hoped to get in the sale. Loria bought the Marlins in 2002 for $158.5 million.
Jeter is believed to be contributing $25 million of his own money towards the sale.
Jeter's team reportedly consists of about 16 investors with varying stakes in the team, with the largest investment coming from New York businessman and venture capitalist Bruce Sherman. Jeter plans to run both the business side and baseball side of the franchise.
Jeter will be inheriting quite a project - as Jackson notes the Marlins are expected to lose over $60 million this year, have the cheapest TV contract in the league, and regularly fall near the bottom of the league standings in attendance. Not to mention, the Marlins haven't made the playoffs since their World Series run in 2003, the second-longest streak in the majors.
However, with one of the best players in baseball locked up for years to come in Giancarlo Stanton, Jeter will have a solid foundation to begin his rebuild.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’