Miami Marlins: Jeffrey Loria May Be Open to Selling Team
By David Hill
Rejoice Miami Marlins fans, as your ownership nightmare may be coming to an end soon. Jeffrey Loria has indicated that he could be willing to sell the team for the right price.
Jeffrey Loria may be on the short list of the worst owners in sports. The Miami Marlins owner has found every possible way to cut costs, spending money only when it suits his profit margin to do so. Remember the signing frenzy prior to the 2012 season, when the Marlins signed Mark Buehrle, Jose Reyes, and Heath Bell while bringing in Ozzie Guillen to manage the team because of the new ballpark? A year later, any player making even a slight bit of money was jettisoned, as the Marlins went back to their penny pinching ways.
Although the Marlins payroll is set to eclipse $100 Million for the first time in franchise history, there may be a reason for it. Despite persistent rumors, Loria may finally be ready to move on, as he is reportedly receptive to selling the franchise. And with that news, Marlins fans can start to breathe a sigh of relief.
Currently, the asking price that Loria has placed upon the team is $1.7 Billion. Considering that he purchased the team for $158 Million back in 2002, he would stand to make a hefty profit. It is also interesting to note that Forbes values the Marlins at $675 Million, ahead of only the Tampa Bay Rays in terms of franchise value. Of course, Loria could be willing to take a little less, despite turning down an offer of $1.3 Billion for the team.
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Now, this does not mean that a sale is forthcoming. After all, the Marlins are hosting the 2017 All Star Game, and they hope to sell the naming rights to their stadium before then. The idea of Loria selling before he could pocket as much money as possible is ludicrous.
To further complicate any sales of the team, the city of Miami and Miami-Dade county took out what could best be called Loria Insurance. To protect against him selling the team after he got a new stadium, there is a clause where he would need to give 5% of the profits from the sale to the county. While this is in effect until 2020, or eleven years after the contract for the new stadium was signed, the timing may be too perfect to pass up.
If there is one thing that has been learned since Jeffrey Loria entered baseball, it is that he loves money. He ruined the Montreal Expos with his cheap ways, and bilked the city of Miami for a new stadium although he could have easily afforded to build it himself. Fortunately, there are signs that one of the worst owners in the game is willing to finally leave, and before destroying the Marlins the way he did the Expos.
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It may be premature to celebrate right now, but Miami Marlins fans may want to prepare. Jeffrey Loria may finally be willing to sell the franchise, thereby making baseball a better place.