Report: Marlins intend to strike deal for club in coming weeks

Posted: 29/05/2017 in MLB, Sports
Tags: , , , , , , ,

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The Miami Marlins are still for sale and it appears like current owner Jeffrey Loria may receive the $1.3 billion he’s looking for.

Negotiations between the Marlins and two separate groups led by Jeb Bush and Tagg Romney are still in the works, although Miami “fully intends” to strike a deal with one of the two groups in the coming weeks, a MLB source told the Miami Herald’s Barry Jackson.

The Bush group, which also involves former New York Yankees shortstop Derek Jeter, is further along in negotiations than the Romney group, a source told Jackson, but both groups have apparently assured the Marlins and MLB they have enough investors and money to meet the $1.3 billion asking price.

Jackson also writes that Bush and Jeter have less than $100 million of their own personal wealth involved in the bid, according to a source, while both groups may need to raise somewhere between $800 million and $850 million in equity to complete the purchase of the franchise.

Just over a week ago, MLB commissioner Rob Manfred confirmed two groups were serious bidders for the team and they were relatively close in terms of price.

”There are two bidders, at least, for the franchise,” Manfred said, according to The Associated Press. “The bidders are in relatively the same place in terms of price, maybe minuscule differences, and they are in fact in the price range that Mr. Loria was looking for.”

The 76-year-old Loria bought the Marlins for $158.5 million in 2002.

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