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Manfred Pumps Brakes On Reports Bush-Jeter Group Buying Marlins For $1.3B

MLB Commissioner Rob Manfred last night stated that "multiple groups have submitted bids to buy" the Marlins and that "none has yet been accepted," contradicting multiple reports that a group led by former Florida Gov. Jeb Bush and former MLBer Derek Jeter was in talks to land the team, according to Steven Wine of the AP. The Bush-Jeter team reportedly "won an auction for the team" with a $1.3B bid. However, Manfred said, "When we have a resolution as to which bid is going to be accepted, we will announce that." Wine noted completion of any sale by Marlins Owner Jeffrey Loria "could take months and would require approval by at least" 75% of MLB teams. More than half of the winning bid "could involve cash because of MLB's debt service rule, meaning the Bush-Jeter group would need to raise a lot of money." Manfred: "You can rest assured that the acquiring group, whoever it turns out to be, will have a financial structure -- meaning some debt and the rest equity -- that is consistent with the rules that we have, most notably the debt service rule. And more important than complying with the rules, (that) puts the franchise in a position that it can operate effectively. That's really the commissioner's office's job in terms of approving any potential bidding group, and we are really focused on that issue with respect to the Marlins." Quogue Capital Founder Wayne Rothbaum has also "pursued the Marlins, and talks with him might be restarted if any deal with the Bushes and Jeter stalls" (AP, 4/25). Reports also had a group headed by Tagg Romney and Baseball HOFer Tom Glavine bidding on the team (THE DAILY).

WON'T HAPPEN OVERNIGHT: In Miami, Barry Jackson in a front-page piece cites a source as saying that the Marlins and the Bush-Jeter group are "very optimistic a deal will be finalized, but the process could take months to conclude." The source said that Bush "plans to be the Marlins’ 'control person,' the individual who would have ultimate control over franchise decisions." Jeter also "plans to play an active role." The group "includes at least five investors," but their identities and their "connections to South Florida are unknown." It also is unclear which investor had the most money invested in the bid, but a source "reiterated that Bush will be the control person." The source added that Loria "does not plan to retain a piece of the team" that he has owned since '02. A source close to Loria said that the owner "decided to sell the team for a variety of factors: his belief that leaving baseball and getting his estate in order was prudent at this stage of his life at 76; sadness over the death of Jose Fernandez; unhappiness with years of being criticized by fans; and prolonged losing since winning a World Series" in '03, among other factors. Jackson notes Jeter would "give the Marlins cachet and a former player universally respected in baseball." Loria, a Yankees fan "before buying the Marlins, is said to hold Jeter in high regard" (MIAMI HERALD, 4/26). In N.Y., Tyler Kepner cites a sports lawyer familiar with the Marlins’ situation as saying that "two of the attractive elements in purchasing the team would be the financial potential in arranging a new broadcast deal and a stadium naming-rights agreement." The source also said that Bush and Jeter's "status as in-state owners should enhance the team’s brand" (N.Y. TIMES, 4/26). 

MONEY TALKS: In N.Y., Davidoff & Sherman cite sources as saying that Bush and Jeter "must round up more financing to make the deal a go." Jeter is "believed to be contributing a significant amount," but less than $100M. MLB usually wants a setup in which about 60% of the purchase price is "paid immediately" and no more than 40% is financed, but it is "possible that for a team with financial troubles such as the Marlins, MLB could demand even more be paid initially" (N.Y. POST, 4/26). The WALL STREET JOURNAL's Futterman & Diamond cited sources as saying that as recently as Monday afternoon the Bush-Jeter group was "calling bankers and potential investors in search of hundreds of millions of dollars" (WSJ.com, 4/25). FOXSPORTS.com's Ken Rosenthal noted some MLB personnel are "skeptical that the Jeter/Bush group will raise the necessary money." However, Jeter is "not one to risk embarrassment by leaving things to chance" (FOXSPORTS.com, 4/25).

WORN OUT HIS WELCOME? In Ft. Lauderdale, Healey & Davis in a front-page piece write Loria has been "among the most unpopular sports owners of any South Florida team, despite delivering a World Series title" and getting a ballpark "built with a retractable roof that had eluded previous owners." Financing of the ballpark, "mainly through tourist taxes and other public funding sources, was controversial and led to some of the politicians who supported the deal being voted out of office." Fans had "previously soured on Loria for keeping the Marlins payroll near the bottom of the major leagues and the practice of trading away the team’s best players before their salaries could escalate" (South Florida SUN-SENTINEL, 4/26). In Miami, Greg Cote writes Loria is the "most controversial, disliked owner" in South Florida. Bush and Jeter "front a marquee group that will all but be welcomed with a civic parade." Cote: "That's primarily under the ABL Doctrine: Anybody But Loria" (MIAMI HERALD, 4/26). FS1's Dontrelle Willis, who played for the Marlins from '03-07, said, "There's a lot of distrust with the fans with the current ownership ... because of the stadium and basically just the history of the ball club." FS1's A.J. Pierzynski: "They just want new blood. I think that ownership tenure's kind of played out" ("MLB Whiparound," FS1, 4/25). In Ft. Lauderdale, Dave Hyde writes all the "upbeat talk" about the Bush-Jeter group is a "reflection on the dislike for Loria." However, new ownership alone "won’t 'save'" the franchise, and it "won’t propel it into local relevance." Beyond the "cursory honeymoon period, it won’t mean a significant bump in attendance despite all these 'fans' promising they’ll be back when Loria leaves" (South Florida SUN-SENTINEL, 4/26). The SUN-SENTINEL's Andrew Abramson writes, "After Loria screwed over Miami-Dade County taxpayers, it hurts to see him make out like a bandit" (South Florida SUN-SENTINEL, 4/26). ESPN's Dan Le Batard said Loria is "one of the most despicable characters in the history of South Florida sports." What he did was "steal Miami's money" to build Marlins Park ("SportsCenter," ESPN, 4/26).

RETURN OF THE CAPTAIN: In N.Y., John Harper writes it will be "nothing short of fascinating to see" if Jeter will "achieve anywhere near the type of success" as an owner that he did as a player. For him to "make this a successful venture, he'll have to build a winner and create more of a bond with the fans of South Florida" (N.Y. DAILY NEWS, 4/26). ESPN.com's Ian O'Connor wrote MLB is the "big winner here" with Jeter back in the game. Manfred "didn't want his most marketable retired player spending the rest of his second career managing a website for athletes" in The Players' Tribune. If the Steinbrenners "weren't going to give him a piece of the family business, baseball wanted Jeter to do what was once unthinkable: trade the pinstripes for a new uniform" (ESPN.com, 4/25). YAHOO SPORTS' Jeff Passan writes with Jeter, Marlins fans will "get someone they can trust and respect," and the players "get someone who truly understands them." Baseball "gets its face of the last decade back in a position of as much influence and significance as Jeter desires" (SPORTS.YAHOO.com, 4/26). CBS Sports Network's Adam Schein said, “It’s great for baseball fans in South Beach. I’m thinking Jeter will be much better than Michael Jordan at owning a franchise. It can’t be any worse” (“Time to Schein,” CBSSN, 4/25). ESPN's Mike Greenberg said of Jeter, "What would give you the impression he isn't going to to be great at this?" ("Mike & Mike," ESPN Radio, 4/26). The N.Y. Daily News' Anthony McCarron said of Jeter, "I don't think he's the kind of guy who would get into this thing to just gladhand and make a few waves on big occasions." But McCarron added, "I hope he doesn't follow the (Michael) Jordan ownership blueprint because he hasn't exactly been directing a lot of parades" ("Daily News Live," SNY, 4/25). 

WON'T BE EASY
: NBC Sports Bay Area's Ray Ratto said of the Marlins, "They've never figured out a way under two different ownerships to reach out and connect to what is supposed to be a great baseball market. They failed repeatedly, and that's why this team may dent the image of Derek Jeter, because this is an enormous task" ("The Happy Hour," NBC Sports Bay Area, 4/25). 

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