Quogue Capital Founder Wayne Rothbaum "won’t join" the Jeb Bush-Derek Jeter bid for the Marlins, according to a source cited by Scott Soshnick of BLOOMBERG NEWS. A source said that Rothbaum "had been in talks to contribute" $150M to the $1.3B bid. However, Rothbaum bowed out because he was "unable to reach agreement on the terms of his investment." Soshnick reported losing Rothbaum "calls into question whether Jeter and Bush can raise the money they need to finance their bid, which was provisionally accepted" by Marlins Owner Jeffrey Loria (BLOOMBERG NEWS, 5/18). MLB Commissioner Rob Manfred on Thursday said that the two groups trying to purchase the Marlins -- Bush-Jeter and a group headed by Tagg Romney and Tom Glavine -- are "neck-and-neck in their pursuit." In Miami, Clark Spencer notes whether either entity has "met the financial requirements to buy the club" Loria is the question. Both groups reportedly are "still looking for investors to help meet" the $1.3B price. Manfred said, "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." He added that the "final negotiations at this point are between the bidding groups and the Marlins." Spencer notes Bush is "not limiting his fundraising efforts to deep-pocketed investors." A MLB source said that the Bush group has "cast a net in search of investors willing to contribute" as little as $10M, or less than 1% of the bidding price (MIAMI HERALD, 5/19). Sources said that a resolution is expected before the next set of owners' meetings in August, and perhaps before the Marlins host the All-Star game in July (Eric Fisher, Staff Writer).
SECRET WEAPON? USA TODAY's Bob Nightengale profiles Steelers investor and Baseball HOF BOD member Thomas Tull and writes there is "no doubt among baseball’s hierarchy that one day, perhaps sooner than anyone anticipates," Tull will join their "exclusive ownership circle." Tull and Jeter "are close," and he "could be the lead investor" in the Bush-Jeter bid for the Marlins. However, Tull said that the "locale and timing" of the Marlins’ sale "isn’t quite right." Nightengale notes Tull "scoffs at the notion" that Bush-Jeter are "having trouble landing investors ... without his financial support." He believes that Jeter could "attract virtually any investor he desires." Tull: "I don’t think Derek’s going to need any help on that front. Derek Jeter would be the last guy I would try and bet against." Nightengale notes it was often "suspected that if Jeter ever was involved with a team, Tull would be his lead investor." When the news broke that Jeter and Bush were partners in their bid, Tull was "believed to be the power broker behind the scenes." Tull actually explored purchasing the Padres in '12 until the deal fell though (USA TODAY, 5/19).
