If Jeffrey Loria continues to operate in the status quo in regards to selling the Miami Marlins, he’ll wait until at least the second quarter of 2018 before making a move.
As the New York Times indicates, if he sells the team after March 2018, it’ll prevent the city and county from receiving a 5 percent share of the profits:
“And while Major League Baseball is eager to have a deal done, Mr. Loria has an incentive to wait until next year: After March, as part of the team’s deal with the county, he will no longer have to give the city and the county a 5 percent share of the profits from the sale of the team.”
That sale is expected to close at a number in excess of $1 billion (the current number is $1.2 billion) and while The Times notes team ownership has an “estimated $400 million in debt,” he’d still walk away with what will likely amount to around $500 million, a figure that clearly irks current Miami-Dade Mayor Carlos A. Gimenez, who—at the time—was one of the few county commissioners to oppose spending hundreds of millions of public funds to aid the Marlins’ in building Marlins Park.
“I would think he’ll walk away with $500 million in his pocket,” Giménez told the NYT. “It sticks in my craw.”
Loria is among the most despised owners in professional sports. Outside of the shady stadium dealings, he’s stripped the roster down to the bone several times over to limit expenses and perpetually pumps out among the lowest payrolls in baseball year after year. Before the team is sold, they’re expected to undergo yet another fire sale.
While Loria inked slugger Giancarlo Stanton to the richest contract in American sports history in 2014—$325 million over 13 years—the deal is heavily backloaded, paying out $30 million over the first three years before rocketing to $25 million a season or more starting in 2018, when Loria figures to make his exit.
Team ownership will also receive a nice payday this coming weekend, when Miami hosts the MLB All-Star game and its secondary events.
So as Loria and crew continue to contemplate who to sell to the franchise to, keep in mind the when will be just as critical and, as always, he will look to maximize his bottom line at the expense of the people of Miami.