The sale of the Miami Marlins is finally on the horizon. The prospective buyers may not surprise anybody who has been following the bidding war over the MLB squad, but it may surprise the average fan: an investment group led by former New York Yankees superstar Derek Jeter and 2016 presidential candidate Jeb Bush. The group won a bid for the franchise with their offer of $1.3 billion.
Winning bid
Bloomberg was the first to report the winning bid on Tuesday afternoon. The winning bid doesn't guarantee a purchase of the Miami Marlins, but gives the investment group exclusive rights to negotiate, which shouldn't be a problem for the group.
The franchise was valued around $940 million by Forbes, so the $1.3 billion negotiating number is a huge payout for the current ownership group. It should only be a matter of time before signatures are on the dotted lines.
The next question will be what the structure of the new ownership group looks like for the Marlins. Early reports from the Miami Herald suggest that Jeb Bush will be the controlling owner of the franchise, with Derek Jeter having a secondary role. Forbes suggested that the group was scrambling for money to put the deal together, but that doesn't seem like an issue anymore. Now, the issue will be getting a once-proud and still young franchise back to its winning ways.
Motivation to sell
Jeffrey Loria has been the owner of the Miami Marlins since 2003, when he acquired the team in a trade. The team won a World Series during his first year of ownership, but immediately followed that title by trading away players and letting star free agents go in a cost-cutting move. The team hasn't won a World Series since then and Loria has since garnered the wrath of local fans who want to see their team restored to their winning ways.
There had been talk recently about the art dealer selling the team, though. He was reportedly devastated when star pitcher Jose Fernandez died in a boat accident last year. There was also discussion about him potentially becoming the United States Ambassador to France, which would make it hard for him to focus on the franchise.
The 76-year old can likely find a new passion for the rest of his life other than owning baseball teams if he so chooses. The Marlins would be better off without him in charge, however, a prospective reality which may be coming to fruition in only a matter of time thanks to Jeb Bush and Derek Jeter.
